July crypto market data analysis: Multiple indicators show positive Rebound

In July, the crypto market welcomed a long-awaited Rebound, with several key indicators showing a positive trend. The approval and listing of the spot Ethereum ETF became an important factor in driving market sentiment. This article will comprehensively analyze the state of the encryption market over the past month through data from multiple dimensions.

On-chain transaction activity has significantly increased

In July, the adjusted on-chain total transaction volume of Bitcoin and Ethereum increased by 31.8%, reaching $445 billion. Among them, Bitcoin's adjusted on-chain transaction volume grew by 34.7%, while Ethereum increased by 27.7%. This data indicates a significant rebound in market trading activity.

During the same period, the adjusted on-chain transaction volume of stablecoins also showed an upward trend, increasing by 18.8% to $997.4 billion. The issuance supply of stablecoins saw a slight increase of 1.2%, reaching $144.3 billion. In terms of market share, USDT and USDC accounted for 78.9% and 17.1%, respectively, continuing to maintain their dominant positions.

Miner income and staking rewards have slightly decreased

Despite the overall upward trend in the market, miner income and staking rewards have seen a slight decline. In July, Bitcoin miner income was $950.2 million, a month-on-month decrease of 1.2%. Ethereum staking income saw a larger drop, decreasing by 6.6% to $270.2 million.

It is worth noting that the Ethereum network destroyed a total of 17,114 ETH in July, worth approximately 56.4 million dollars. Since the implementation of EIP-1559 in early August 2021, Ethereum has cumulatively destroyed about 4.35 million ETH, with a total value reaching 1.23 billion dollars.

The NFT market continues to cool down

In July, the trading volume of the NFT market on the Ethereum chain continued its downward trend, falling by 49.6% to approximately $140.3 million. This indicates that the enthusiasm for the NFT market is continuing to wane, and investors' interest in this field has decreased.

Exchange trading volume rebounded

The spot trading volume of compliant centralized exchanges (CEX) rebounded in July, increasing by 6.7% to $702.7 billion. This data reflects an increase in investors' trading willingness and an improvement in market liquidity.

The ETF and futures markets perform brilliantly

In July, the net inflow of spot Bitcoin ETFs surged by 473%, reaching $3.15 billion, indicating a significant increase in institutional investors' interest in Bitcoin.

In the futures market, the open interest of Bitcoin futures increased by 15.6%, and the trading volume rose by 65% to $1.66 trillion. The trading volume of Ethereum futures grew by 43.1%, although the open interest fell by 5.6%. The open interest of Bitcoin futures on the Chicago Mercantile Exchange increased by 13.5% to $10.6 billion, with the average daily trading amount rising by 12.3% to approximately $5.05 billion.

The average monthly trading volume of Ethereum futures has increased significantly by 43.1%, reaching $755.5 billion, indicating a surge in market enthusiasm for trading Ethereum.

The activity in the options market is increasing

The crypto market for cryptocurrency options is also showing a positive trend. In July, the open interest for Bitcoin options increased by 35.9%, while the open interest for Ethereum options grew by 7.1%. The monthly trading volume of Bitcoin options reached $56.9 billion, up 31.9%; whereas the trading volume of Ethereum options slightly declined, decreasing by 8.1% to $15.5 billion.

Overall, multiple indicators in the July crypto market showed positive signs of recovery, particularly in terms of trading volume, ETF inflows, and futures market performance. However, the continued decline of the NFT market and the slight pullback in some revenue indicators are also worth noting. As market sentiment gradually improves, the market trends in the coming months will be more anticipated.