July Crypto Assets Market Welcomes Rebound: Analysis of 11 Key Indicators

In July, the crypto assets market finally welcomed the long-awaited Rebound, with multiple indicators showing a positive trend. This article will comprehensively interpret the dynamics of the crypto market over the past month through 11 key data points.

1. The total on-chain transaction volume has significantly increased. The adjusted on-chain total transaction volume of Bitcoin and Ethereum increased overall by 31.8%, reaching $445 billion. Among them, the on-chain transaction volume of Bitcoin grew by 34.7%, while Ethereum grew by 27.7%.

2. The activity level of stablecoin trading has increased In July, the adjusted on-chain transaction volume of stablecoins increased by 18.8%, reaching $997.4 billion. The supply of stablecoins saw a slight increase of 1.2%, reaching $144.3 billion. In terms of market share, USDT and USDC accounted for 78.9% and 17.1%, respectively.

3. Miner and staking income has slightly decreased. Bitcoin miners' income fell slightly by 1.2% to $950.2 million. Ethereum staking income decreased by 6.6%, down to $270.2 million.

4. Ethereum Continues to Deflate In July, the Ethereum network destroyed 17,114 ETH, worth approximately $56.4 million. Since the implementation of EIP-1559 in August 2021, Ethereum has cumulatively destroyed around 4.35 million ETH, worth approximately $1.23 billion.

5. The NFT market continues to shrink. The trading volume of the NFT market on the Ethereum chain has dropped significantly by 49.6%, reaching approximately $140.3 million.

6. Centralized exchange trading volume rebounds The spot trading volume of compliant centralized exchanges rebounded, increasing by 6.7% to $702.7 billion.

7. Bitcoin ETF attracts a large amount of funds In July, the net inflow of spot Bitcoin ETFs surged by 473%, reaching $3.15 billion.

8. The futures market performs strongly The open interest in Bitcoin futures increased by 15.6%, and the trading volume rose by 65% to $1.66 trillion. The open interest in Ethereum futures fell by 5.6%, but the trading volume grew by 43.1%.

9. The activity level of Bitcoin futures on the Chicago Mercantile Exchange has increased. The open interest of Bitcoin futures on the Chicago Mercantile Exchange increased by 13.5%, reaching $10.6 billion. The average daily trading volume rose by 12.3%, reaching approximately $5.05 billion.

10. The trading volume of Ethereum futures has increased significantly. In July, the average monthly trading volume of Ethereum futures increased significantly by 43.1%, reaching $755.5 billion.

11. The options market shows differentiation. The open interest for Bitcoin options increased by 35.9%, with trading volume rising by 31.9% to $56.9 billion. The open interest for Ethereum options rose by 7.1%, but trading volume fell by 8.1% to $15.5 billion.

Overall, various indicators in the July crypto assets market showed a rebound, indicating that market confidence is recovering. However, some areas such as the NFT market are still facing challenges, and the overall market landscape is still evolving.