April Crypto Market Overview: Stablecoin Trading Active, Other Indicators Generally Decline

This month, the crypto market has shown a complex situation, with stablecoins performing prominently, while most other indicators have experienced varying degrees of decline. The following is an overview and analysis of the main data from the crypto market in April.

On-chain transactions

In April, the total on-chain transaction volume of Bitcoin and Ethereum decreased by 30.5%, reaching $408 billion. Among them, the adjusted on-chain transaction volumes of Bitcoin and Ethereum fell by 30.85% and 30.2%, respectively.

In stark contrast, the on-chain transaction volume of stablecoins surged by 23.7%, reaching a historic high of $1.1 trillion. The supply scale of stablecoins also increased, rising by 2.8% to $141.2 billion. Notably, USDT's market share grew to 77.83%, while USDC's share slightly decreased to 18.1%.

Mining and Staking Income

In April, Bitcoin miner revenue fell by 11.3% to $1.78 billion. Ethereum staking revenue also declined, decreasing by 16.9% to $257 million.

Since the implementation of EIP-1559 in August 2021, the Ethereum network has destroyed approximately 4.78 million ETH, worth about $1.202 billion. In April alone, 54,640 ETH were destroyed, worth about $17.9 million.

NFT Market

The NFT market on the Ethereum chain experienced a significant decline in April, with trading volume dropping by 34.5% to approximately $476 million.

Exchange Performance

The spot trading volume of compliant centralized exchanges (CEX) dropped by 38.4% in April, falling to 888 billion USD. In terms of market share, a leading trading platform accounted for 78.7%, an increase compared to the previous months, while other major platforms accounted for 10.1%, 3.7%, and 2.2%, respectively.

Futures Market

In April, the open interest in Bitcoin futures decreased slightly by 1.6%, while the open interest in Ethereum futures fell by 17.7%. In terms of trading volume, the trading volume of Bitcoin futures dropped by 21.38%, reaching $1.59 trillion. The open interest in Bitcoin futures at a certain commodities exchange decreased by 23.7%, falling to $8.9 billion, with the average daily trading amount significantly reduced by 30.1%, down to approximately $4.8 billion.

The average monthly trading volume of Ethereum futures has decreased to $691 billion, a decline of 22.6%.

Options Market

In April, the Bitcoin and Ethereum options markets exhibited different trends. In terms of open interest, Bitcoin dropped by 15.5%, while Ethereum fell by 7.1%. However, in terms of trading volume, new highs were reached, with Bitcoin options trading volume hitting $47.3 billion, an increase of 1.2%; Ethereum options trading volume reached $26.32 billion, an increase of 25.4%.

Overall, in April, the crypto market showed active stablecoin trading, while most other indicators declined. This complex market environment reflects the current diversification trend in the encryption industry and highlights the differentiated performance of different submarkets.