June Crypto Market Overview: Most Indicators Continue Downward Trend

In the recently passed June, most indicators of the crypto market are still in continuous decline. This article will analyze the state of the crypto market over the past month from multiple dimensions.

In June, the total on-chain transaction volume of Bitcoin and Ethereum fell by 13.4%, dropping to $338 billion. The adjusted on-chain transaction volume of the two major cryptocurrencies both experienced a decline of 13.4%.

In terms of stablecoins, the on-chain transaction volume adjusted in June decreased by 4.5%, falling to $839.6 billion. The supply of issued stablecoins has slightly increased, rising by 0.4% to $142.6 billion. Among them, the market share of USDT has grown to 79.1%, while the market share of USDC has slightly decreased to 17%.

In terms of miner earnings, Bitcoin miners' income slightly decreased by 0.1% in June to $961.9 million. In contrast, Ethereum staking income rose by 8.1% to $289.2 million.

The Ethereum network destroyed a total of 26,338 ETH in June, worth approximately 95.1 million USD. Since the implementation of EIP-1559 in early August 2021, Ethereum has cumulatively destroyed about 4.33 million ETH, worth approximately 12.2 billion USD.

The NFT market continues to be weak, with the trading volume of Ethereum on-chain NFTs in June declining sharply by 18.4%, falling to approximately $280.5 million.

On the exchange side, the spot trading volume of compliant centralized exchanges (CEX) fell by 18.5% in June, dropping to $658.8 billion. The ranking of spot market shares among major exchanges is as follows: a leading exchange at 64% (a significant decline from May), a new emerging exchange at 17.8%, a mainstream US exchange at 9%, and a traditional exchange at 2.7%.

The futures market also performed poorly. The open interest for Bitcoin futures in June fell by 6.9%; the open interest for Ethereum futures decreased by 3.1%. In terms of trading volume, Bitcoin futures trading volume in June dropped by 19.9% to $1 trillion, while Ethereum futures trading volume fell by 23.8%.

The open interest of Bitcoin futures on a certain commodity exchange has decreased by 9.6%, dropping to $9.3 billion, while the daily trading volume increased by 3.4%, rising to approximately $4.5 billion. The average monthly trading volume of Ethereum futures has significantly decreased to $528.1 billion, with a decline of 23.8%.

The options market is showing even more sluggish performance. In June, the open interest of Bitcoin options plummeted by 39.45%, while Ethereum's open interest fell by a staggering 55.6%. The monthly trading volume of Bitcoin options dropped to $43.1 billion, a decrease of 7.9%; the trading volume of Ethereum options significantly decreased by 46.2%, reducing to $16.9 billion.

Overall, most indicators in the crypto market continued the fall trend in June, and the market as a whole remains in a sluggish state.