September Crypto Market Performance is Complex: Multiple Indicators Decline, Bitcoin Price Rebounds

The recently concluded September was a complex month for the crypto market. Although the price of Bitcoin experienced a Rebound, giving the impression of good market performance, in reality, most key indicators showed a downward trend. This article will analyze the overall situation of the September crypto market from multiple dimensions.

In September, the adjusted on-chain total trading volume of Bitcoin and Ethereum fell by 13% overall, dropping to $328 billion. Among them, the adjusted on-chain trading volume of Bitcoin decreased by 10.2%, while Ethereum fell by 17.8%.

In terms of stablecoins, the on-chain trading volume adjusted in September decreased by 30.8% to $832 billion. The issuance supply of stablecoins increased slightly by 1.3% to $150.4 billion. In terms of market share, USDT and USDC accounted for 78.3% and 17.6%, respectively.

In terms of miner income, Bitcoin miners' revenue continued to decline in September, dropping to $815.3 million, a month-on-month decrease of 4.2%. At the same time, Ethereum staking revenue also fell by 4% to $209.4 million.

The Ethereum network burned a total of 26,874 ETH in September, worth approximately 68.2 million dollars. Since the implementation of EIP-1559 in early August 2021, Ethereum has burned a total of about 4.39 million ETH, worth approximately 1.24 billion dollars.

The NFT market continues to be sluggish, with Ethereum chain NFT trading volume dropping again by 22% in September, reaching approximately $9.61 million.

On the exchange side, the compliance centralized exchange (CEX)'s spot trading volume in September failed to maintain the growth momentum from August, decreasing by 17.4% to $724.6 billion.

It is worth noting that in September, the spot Bitcoin ETF saw a net inflow of approximately $1.13 billion, indicating an increased interest from institutional investors.

In the derivatives market, the open interest of September Bitcoin futures increased by 16%, while the open interest of Ethereum futures increased by 16.1%. However, in terms of trading volume, Bitcoin futures and Ethereum futures decreased by 16.1% and 20.8% respectively.

The open interest of Bitcoin futures on a certain exchange increased by 14.3%, reaching 10.3 billion USD, but the daily trading volume decreased by 4.7% to approximately 4.8 billion USD.

The options market is also showing a downward trend. In September, the open interest of Bitcoin options fell by 1.6%, while the open interest of Ethereum options dropped by 8.4%. In terms of trading volume, the monthly trading volume of Bitcoin and Ethereum options decreased by 28.1% and 37.5% respectively, to $38.6 billion and $9.7 billion.

Overall, despite the rebound in Bitcoin prices, most indicators in the crypto market in September still showed a downward trend, reflecting a decrease in overall market activity. Investors need to closely monitor these changes in indicators to gain a more comprehensive understanding of market trends.