April Crypto Market: Stablecoins Shine with Record Trading Volume, Other Zones Generally Decline

In the past month, most indicators in the crypto market have shown a trend of fall, with only the stablecoin market performing exceptionally well. This article will explore the overall situation of the crypto market in April through data analysis.

In April, the adjusted on-chain total transaction volume of Bitcoin and Ethereum experienced a 30.5% decline, totaling $408 billion. Among them, the adjusted on-chain transaction volume of Bitcoin fell by 30.85%, while the on-chain transaction volume of Ethereum decreased by 30.2%.

In contrast, the stablecoin market shows a positive trend. The adjusted on-chain transaction volume of stablecoins in April increased by 23.7%, reaching a historical high of $1.1 trillion. The supply of issued stablecoins also increased, rising by 2.8% to $141.2 billion. Notably, USDT's market share in the stablecoin market rose to 77.83%, while USDC's market share slightly decreased to 18.1%.

In terms of miner income, Bitcoin miner income declined by 11.3% in April, falling to $1.78 billion. Meanwhile, Ethereum staking income also experienced a decrease of 16.9%, dropping to $257 million.

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

The NFT market has also not been spared from the downward trend. In April, the trading volume of NFTs on the Ethereum chain dropped significantly by 34.5%, falling to approximately $476 million.

The spot trading market is also facing challenges. The trading volume of compliant centralized exchanges (CEX) fell by 38.4% in April, dropping to $888 billion. In terms of market share, a well-known trading platform occupies 78.7% of the share, which has increased compared to previous months. The market shares of other major exchanges are: Coinbase 10.1%, Kraken 3.7%, LMAX Digital 2.2%.

In the futures market, the open interest of Bitcoin futures in April decreased by 1.6%, while the open interest of Ethereum futures fell by 17.7%. The trading volume of Bitcoin futures dropped by 21.38%, down to $1.59 trillion. The open interest of Bitcoin futures on a major commodity exchange decreased by 23.7%, down to $8.9 billion, with the average daily trading amount significantly reduced by 30.1%, down to approximately $4.8 billion. The monthly average trading volume of Ethereum futures fell to $691 billion, a decrease of 22.6%.

However, the crypto assets options market presents a different trend. Although the open interest of Bitcoin options fell by 15.5% in April and Ethereum's open interest dropped by 7.1%, the trading volume reached a new high. The trading volume of Bitcoin options increased by 1.2%, reaching a new high of $47.3 billion, while the trading volume of Ethereum options grew by 25.4%, hitting a new high of $26.32 billion.

Overall, the crypto market in April exhibited a complex pattern. Although most indicators show a fall trend, the growth in the stablecoin market and options trading volume has brought some positive signals to the market. This diversified performance highlights the complexity of the crypto market and the potential development opportunities.