September Crypto Market Review: Concerns Behind the Surface Prosperity

Although the Bitcoin price rebounded in September, giving the impression that the crypto market performed well, a deeper analysis of multiple indicators reveals that the reality is not so optimistic. This article will comprehensively analyze the true state of the crypto market over the past month through 11 key data points.

1. On-chain transaction total amount declines In September, the adjusted on-chain total transaction volume of Bitcoin and Ethereum decreased overall by 13%, falling to $328 billion. Among them, the adjusted on-chain transaction volume of Bitcoin dropped by 10.2%, while Ethereum fell by 17.8%.

2. Stablecoin Market Changes After the adjustment of stablecoins in September, the on-chain transaction volume dropped significantly by 30.8%, falling to 832 billion dollars. However, the issuance supply of stablecoins slightly increased by 1.3%, reaching 150.4 billion dollars. In terms of market share, USDT and USDC account for 78.3% and 17.6%, respectively.

3. Both mining and staking income have declined. Bitcoin miner revenue continues to decline, falling to $815.3 million, a drop of 4.2%. At the same time, Ethereum staking revenue also decreased by 4%, dropping to $209.4 million.

4. Ethereum Burning Situation In September, the Ethereum network burned a total of 26,874 ETH, worth approximately 68.2 million USD. Since the implementation of EIP-1559 in early August 2021, Ethereum has cumulatively burned about 4.39 million ETH, worth nearly 12.4 billion USD.

5. The NFT market continues to be sluggish The trading volume of the NFT market on the Ethereum chain continues to decline, with a drop of 22% in September, reaching approximately $96.1 million.

6. The trading volume of centralized exchanges has declined. The spot trading volume of compliant centralized exchanges failed to maintain the growth momentum of August, dropping by 17.4% in September to $724.6 billion.

7. Bitcoin ETF net inflow turns positive In September, the spot Bitcoin ETF saw positive growth, with a net inflow of approximately 1.13 billion dollars.

8. Crypto Futures Market Performance The open interest in Bitcoin and Ethereum futures both saw an increase of about 16%. However, in terms of trading volume, Bitcoin futures fell by 16.1% to $1.11 trillion, while Ethereum futures dropped by 20.8%.

9. CME Bitcoin Futures Data The open interest in Bitcoin futures on the Chicago Mercantile Exchange increased by 14.3% to $10.3 billion. However, the daily trading volume decreased by 4.7%, falling to approximately $4.8 billion.

10. Ethereum futures trading volume declines In September, the average monthly trading volume of Ethereum futures fell to $465.5 billion, a decrease of 20.8%.

11. The crypto market for cryptocurrency options is shrinking. The open interest of Bitcoin options decreased by 1.6%, while the open interest of Ethereum options fell by 8.4%. In terms of trading volume, the monthly trading volume of Bitcoin options was $38.6 billion, down 28.1%; the trading volume of Ethereum options was $9.7 billion, a significant drop of 37.5%.

Overall, although the price of Bitcoin has rebounded, most indicators of the crypto market are still on a downward trend, reflecting that the market still faces many challenges. Investors and market participants need to closely monitor these changes in indicators to better grasp market dynamics.