May Crypto Market Review: Analysis of Key Indicator Changes in 11 Charts

In May, most indicators of the crypto market showed a downward trend. This article provides a comprehensive analysis of the overall condition of the encryption market over the past month through 11 key data charts.

1. On-chain transaction volume declines In May, the total on-chain transaction volume of Bitcoin and Ethereum decreased by 4.4% to $390 billion. Among them, the on-chain transaction volume of Bitcoin decreased by 4.7%, while the on-chain transaction volume of Ethereum decreased by 3.9%.

2. The trading volume of stablecoins has significantly decreased. In May, the on-chain trading volume of stablecoins decreased by 20.5%, to $879 billion. The issued supply of stablecoins saw a slight increase of 0.5%, reaching $141.9 billion. The market share of USDT rose to 78.8%, while the market share of USDC slightly fell to 17.1%.

3. Changes in miner income and staking rewards Bitcoin miners' income has sharply decreased by 46% to $963 million. In contrast, Ethereum staking income has increased by 4.1% to $267 million.

4. The amount of Ethereum being burned continues to increase In May, the Ethereum network burned 26,747 ETH, worth approximately $91.7 million. Since the implementation of EIP-1559 in August 2021, a total of approximately 4.3 million ETH has been burned, worth $12.1 billion.

5. The trading volume in the NFT market continues to decline. The trading volume of the NFT market on the Ethereum chain has once again dropped significantly by 27.8%, falling to approximately $344 million.

6. The trading volume of centralized exchanges has decreased. The spot trading volume of compliant centralized exchanges has decreased by 22.5%, to $689 billion.

7. Changes in Exchange Market Share May's main crypto market exchange spot market share rankings: a leading exchange 79.4% (an increase from last month), a large US exchange 10.1%, a European exchange 3.4%, a digital asset exchange 1.8%.

8. The performance of the futures market varies. The open interest of Bitcoin futures increased by 12.9%, while the open interest of Ethereum futures surged by 52%, reaching a record high. The trading volume of Bitcoin futures decreased by 21% to $1.26 trillion, while the trading volume of Ethereum futures rose slightly by 0.2%.

9. Performance of the Bitcoin Futures Market The open interest of Bitcoin futures on a large futures exchange increased by 15.9%, reaching $10.3 billion. The average daily trading volume decreased by 9%, to approximately $4.35 billion.

10. Ethereum futures trading volume increased slightly In May, the average monthly trading volume of Ethereum futures rose to $692 billion, a slight increase of 0.2%.

11. Options market hits a new high The open interest of Bitcoin options rebounded by 30.5%, while the open interest of Ethereum options rose by 41.4%. The trading volume of Bitcoin options slightly decreased by 1.2% to 46.8 billion dollars, whereas the trading volume of Ethereum options surged by 19.2% to 31.4 billion dollars, setting a new historical high.

Overall, the crypto market in May showed a general trend of declining trading volume, but Ethereum set multiple indicators to historical highs under the favorable approval of the spot ETF, indicating a differentiated performance in the market.