July Crypto Market Data Analysis: Multiple Indicators Show Rebound Trend

With the approval and commencement of trading of the spot Ethereum ETF in the United States, several indicators in the crypto market finally experienced the long-awaited Rebound in July. This article will present an analysis of key data to showcase the overall condition of the crypto market over the past month.

On-chain transaction activity increases

In July, the adjusted on-chain total transaction volume of Bitcoin and Ethereum saw a significant increase, rising by 31.8% to $445 billion. Among them, the adjusted on-chain transaction volume of Bitcoin increased by 34.7%, while Ethereum grew by 27.7%. This data indicates that market activity is recovering.

The stablecoin market is steadily growing

The stablecoin sector is also showing positive momentum. In July, the adjusted on-chain transaction volume of stablecoins grew by 18.8%, reaching $997.4 billion. At the same time, the issuance supply of stablecoins saw a slight increase of 1.2%, totaling $144.3 billion. In terms of market share, USDT and USDC still dominate, accounting for 78.9% and 17.1%, respectively.

Miner income and staking rewards have slightly decreased.

Bitcoin miners' income slightly declined by 1.2% in July, totaling $950.2 million. Ethereum staking income also saw a decrease of 6.6%, dropping to $270.2 million. Nevertheless, these figures remain at relatively healthy levels.

The Ethereum burning mechanism continues to play its role

In July, the Ethereum network burned a total of 17,114 ETH, worth approximately 56.4 million USD. Since the implementation of EIP-1559 in August 2021, Ethereum has cumulatively burned about 4.35 million ETH, with a total value of 12.3 billion USD. This mechanism continues to impact the inflation rate of Ethereum.

NFT market facing challenges

In July, the trading volume of the NFT market on the Ethereum chain continued to decline, with a drop of 49.6%, bringing the total to approximately $140.3 million. This indicates that the NFT market may be experiencing a period of adjustment.

Exchange trading volume rebound

The spot trading volume of compliant centralized exchanges (CEX) rebounded in July, increasing by 6.7% to $702.7 billion. This growth may reflect a gradual recovery of investor confidence.

Bitcoin ETF Attracts Funds

In July, the net inflow of spot Bitcoin ETFs increased significantly by 473%, reaching $3.15 billion. This notable growth may be related to investors' optimistic outlook on Bitcoin's long-term prospects.

Futures Market Shows Strong Performance

The open interest in Bitcoin futures increased by 15.6% in July, while the open interest in Ethereum futures decreased by 5.6%. In terms of trading volume, the trading volume of Bitcoin futures surged by 65% in July, reaching $1.66 trillion, and the trading volume of Ethereum futures also increased by 43.1%.

CME Bitcoin futures strengthen

The open interest of Bitcoin futures on the Chicago Mercantile Exchange increased by 13.5%, reaching $10.6 billion, with the average daily trading volume rising by 12.3% to approximately $5.05 billion. This indicates that institutional investors' interest in Bitcoin may be increasing.

Active Ethereum Futures Trading

In July, the average monthly trading volume of Ethereum futures surged to $755.5 billion, an increase of 43.1%. This data reflects the rising trading enthusiasm in the market for Ethereum.

The options market shows divergence

In the options market, the open interest of Bitcoin options rose by 35.9%, while the open interest of Ethereum options increased by 7.1%. In terms of trading volume, the monthly trading volume of Bitcoin options grew by 31.9% to $56.9 billion, whereas the trading volume of Ethereum options decreased by 8.1% to $15.5 billion.

Overall, the crypto market showed several positive signals in July, especially in terms of trading volume, ETF inflows, and the futures market. However, certain areas like the NFT market still face challenges. As the market continues to evolve, investors should remain vigilant and closely monitor the changing trends of these key indicators.