May Crypto Market Review: Multiple Indicators of Ethereum Hit New Highs, Bitcoin Indicators Generally Decline

In May, most indicators in the crypto market showed a downward trend. This article will comprehensively analyze the state of the crypto market over the past month through multiple key data points.

The total on-chain transaction value of Bitcoin and Ethereum has fallen by 4.4%, decreasing to $390 billion. Among them, Bitcoin's on-chain transaction value decreased by 4.7%, while Ethereum decreased by 3.9%.

In terms of stablecoins, on-chain transaction volume has significantly decreased by 20.5%, down 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 USDC has slightly decreased to 17.1%.

In terms of miner income, Bitcoin miner revenue plummeted by 46%, falling to $963 million. In contrast, Ethereum staking income rose against the trend by 4.1%, reaching $267 million.

In May, the Ethereum network destroyed a total of 26,747 ETH, worth approximately 91.7 million USD. Since the implementation of EIP-1559 in August 2021, Ethereum has cumulatively destroyed around 4.3 million ETH, valued at approximately 1.21 billion USD.

The NFT market continues to shrink, with the NFT trading volume on the Ethereum chain dropping significantly by 27.8%, falling to approximately $344 million.

The compliance centralized exchange ( CEX ) saw its spot trading volume drop by 22.5% to $68.9 billion. In terms of market share, a leading exchange accounted for 79.4%, an increase compared to April, while other major exchanges accounted for 10.1%, 3.4%, and 1.8%, respectively.

The futures market shows mixed performance. Bitcoin futures open interest increased by 12.9%, but trading volume decreased by 21% to $1.26 trillion. Ethereum futures benefited from the approval of the spot ETF, with open interest surging by 52% to a record high, while trading volume rose slightly by 0.2%.

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

The options market is generally optimistic. Bitcoin options open interest rebounded by 30.5%, with a trading volume of $46.8 billion, a slight decrease of 1.2%. Ethereum options performed even better, with open interest increasing by 41.4%, and a trading volume reaching $31.4 billion, up by 19.2%, both hitting all-time highs.

Overall, the crypto market in May showed a trend of differentiation. Ether benefited from the approval of spot ETFs, with multiple indicators reaching new highs; while Bitcoin-related indicators generally declined. The stablecoin and NFT markets continued to shrink, reflecting a decrease in overall market activity.