May Crypto Market Data Analysis: Ethereum Indicators Hit New Highs, Bitcoin Data Declines in Several Areas

In May, most indicators of the crypto market showed a downward trend. This article will explore the overall performance of the crypto market over the past month through data analysis.

The on-chain transaction volume of Bitcoin and Ethereum saw a 4.4% decline in May, falling to $390 billion. Among them, the on-chain transaction volume of Bitcoin decreased by 4.7%, while Ethereum dropped by 3.9%.

In terms of stablecoins, the on-chain transaction volume has decreased significantly by 20.5% to $879 billion. However, the supply of issued stablecoins has slightly increased, rising by 0.5% to $141.9 billion. The market share of USDT has increased to 78.8%, while the share of USDC has slightly decreased to 17.1%.

In terms of miner income, Bitcoin miners' revenue dropped significantly by 46% in May, falling to $963 million. In contrast, Ethereum staking revenue increased by 4.1%, reaching $267 million.

The Ethereum network destroyed a total of 26,747 ETH in May, worth approximately $91.7 million. Since the implementation of EIP-1559 in early August 2021, Ethereum has destroyed a total of about 4.3 million ETH, worth approximately $12.1 billion.

The NFT market continues to shrink, with Ethereum on-chain NFT trading volume dropping significantly by 27.8% in May, down to approximately $344 million.

In terms of exchanges, the trading volume of compliant centralized exchanges decreased by 22.5% in May, dropping to $689 billion. In terms of market share, a leading trading platform accounted for 79.4%, an increase from April, while other major platforms accounted for 10.1%, 3.4%, and 1.8%, respectively.

The futures market showed mixed performance, with Bitcoin futures open interest increasing by 12.9%, while Ethereum futures open interest surged by 52%, reaching a historical high. This is mainly attributed to the approval of a spot Ethereum ETF by U.S. regulators. In terms of trading volume, Bitcoin futures trading volume decreased by 21% to $1.26 trillion in May, while Ethereum futures trading volume slightly rose by 0.2%.

The open interest of Bitcoin futures on a major futures exchange increased by 15.9% to 10.3 billion USD, but the daily trading volume decreased by 9%, falling to about 4.35 billion USD. The average monthly trading volume of Ethereum futures slightly increased by 0.2% to 692 billion USD.

In the options market, the open interest of Bitcoin options rebounded by 30.5%, while the open interest of Ethereum rose by 41.4%. In terms of trading volume, the trading volume of Bitcoin options reached $46.8 billion, slightly down by 1.2%; while the trading volume of Ethereum options reached $31.4 billion, an increase of 19.2%, setting a new historical high.

Overall, the crypto market showed a complex situation in May. Although most indicators declined, Ethereum performed remarkably in certain areas, especially in the futures and options markets, reaching new highs largely thanks to the approval of spot ETFs. Market participants should closely monitor these trends to make informed decisions in the ever-changing cryptocurrency ecosystem.