April Crypto Market Review: Stablecoins Shine, Other Indicators Generally Decline

In the past month, the crypto market has shown a complex situation. Although the stablecoin market has performed well, most indicators have declined. This article will comprehensively analyze the trends in the crypto market in April through multiple key data points.

On-chain transaction volume declines

In April, the adjusted on-chain total transaction volume of Bitcoin and Ethereum fell by 30.5%, down to $408 billion. Specifically, the adjusted on-chain transaction volume of Bitcoin decreased by 30.85%, while the on-chain transaction volume of Ethereum also declined by 30.2%.

The stablecoin market performs outstandingly

In stark contrast to other sectors, the stablecoin market performed exceptionally well in April. The adjusted on-chain transaction volume of stablecoins surged by 23.7%, reaching $1.1 trillion, setting a new historical high. At the same time, the supply of issued stablecoins also increased, rising by 2.8% to $141.2 billion. Notably, USDT's market share further expanded to 77.83%, while USDC's market share slightly declined to 18.1%.

Both miner revenue and staking income declined

In April, Bitcoin miners' revenue fell to $1.78 billion, a decrease of 11.3%. At the same time, Ethereum staking income also further shrank, dropping by 16.9% to $257 million.

Ethereum Continuous Deflation

In April, the Ethereum network destroyed a total of 54,640 ETH, worth approximately $179 million. Since the implementation of EIP-1559 in early August 2021, Ethereum has cumulatively destroyed about 4.78 million ETH, totaling a value of $12.02 billion.

NFT market trading shrinks

In April, the trading volume of the NFT market on the Ethereum chain significantly decreased by 34.5%, falling to approximately $476 million, indicating a decline in the enthusiasm for the NFT market.

Centralized Exchange Trading Volume Decline

The spot trading volume of compliant centralized exchanges (CEX) saw a significant decline in April, dropping by as much as 38.4% to $888 billion. In terms of market share, a leading trading platform accounted for 78.7%, an increase compared to previous months. The market shares of other major exchanges were: a certain American trading platform 10.1%, a certain European trading platform 3.7%, and a certain digital asset trading platform 2.2%.

Futures Market Performance

In April, the open interest of Bitcoin futures decreased slightly by 1.6%, while the open interest of Ethereum futures dropped by 17.7%. In terms of trading volume, Bitcoin futures trading volume in April fell by 21.38%, down to $1.59 trillion. The open interest of Bitcoin futures at a certain commodity exchange decreased by 23.7%, down to $8.9 billion, with the average daily trading amount significantly decreasing by 30.1%, down to about $4.8 billion. The average monthly trading volume of Ethereum futures also saw a decline, reducing to $691 billion, a decrease of 22.6%.

Options Market Highlights

Despite the overall market cooling down, the cryptocurrency options market has shown a different trend. In April, the trading volume of Bitcoin and Ethereum options both hit record highs. The trading volume of Bitcoin options reached $47.3 billion, an increase of 1.2%; Ethereum options trading volume surged by 25.4%, reaching $26.32 billion. However, in terms of open interest, Bitcoin options fell by 15.5%, while Ethereum dropped by 7.1%.

Overall, the cryptocurrency market in April presented a complex pattern. The strong performance of the stablecoin market and the activity in options trading are highlights, but the decline in most indicators also reflects the challenges faced by the market as a whole. Investors and market participants need to closely monitor these trends in order to make informed decisions in the ever-changing cryptocurrency ecosystem.