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October crypto market fully rebounds with a net inflow of $5.3 billion into Bitcoin ETF.
October Crypto Market Review: Most Indicators Show Significant Rebound
In the past October, the encryption industry finally welcomed a rebound in most indicators. This article will review the state of the crypto market over the past month through data analysis.
In October, the adjusted on-chain total transaction volume of Bitcoin and Ethereum increased by 28.1%, reaching $420 billion. Among them, the adjusted on-chain transaction volume of Bitcoin rose by 32.1%, while Ethereum's increase was 20.9%.
In terms of stablecoins, the on-chain trading volume adjusted in October increased by 8%, reaching $899 billion. However, the supply of stablecoin issuance slightly decreased by 0.7%, falling to $149.3 billion. In terms of market share, USDT and USDC accounted for 79.5% and 16.9%, respectively.
Miner income and staking rewards also showed an upward trend. Bitcoin miner income increased by 25.4% in October, reaching $1.02 billion. Ethereum staking income stopped declining and rebounded to $221.5 million, a rise of 5.8%.
It is worth noting that in October, the Ethereum network burned a total of 41,648 ETH, worth approximately $105 million. Since the implementation of EIP-1559 in early August 2021, Ethereum has burned a total of approximately 4.43 million ETH, worth about $12.5 billion.
The NFT market has also seen a significant Rebound, with the trading volume on the Ethereum chain for NFTs in October rising by as much as 26.5%, reaching approximately $121.6 million.
In terms of exchanges, the trading volume of compliant centralized exchanges (CEX) in the spot market increased by 16.3% in October, reaching $843 billion.
It is noteworthy that the net inflow of spot Bitcoin ETFs in October showed positive growth, with an inflow amount of approximately $5.3 billion. In particular, on October 30, a certain ETF's single-day inflow reached $872 million, setting a new record.
The futures market also showed strong performance. The open interest for Bitcoin futures in October increased by 22.9%, while the open interest for Ethereum futures rose by 14.6%. In terms of trading volume, Bitcoin futures saw a trading volume increase of 12.1% in October, reaching $1.25 trillion, while the trading volume for Ethereum futures increased by 4.8%.
The open interest of Bitcoin futures on a certain exchange increased by 21.5%, reaching $12.5 billion (a new all-time high), while the daily trading volume rose by 9.6%, reaching approximately $5.3 billion.
The options market is also showing a positive trend. In October, the open interest for Bitcoin options increased by 35.76%, while the open interest for Ethereum options remained unchanged. In terms of trading volume, the monthly trading volume for Bitcoin options reached 54 billion USD, up by 39.8%; the trading volume for Ethereum options was 10.2 billion USD, with an increase of 4.7%.
Overall, various indicators in the crypto market showed a general improvement in October, indicating that the industry is gradually regaining vitality. However, investors still need to be cautious and pay attention to market trends, as the volatility in the crypto market remains high.