How did the market data perform this month? FTX spot trading volume surpasses Coinbase for the first time to take second place on the ranking.
The overall market sentiment in May was mixed, with the Otherside land sale setting record-breaking transaction volumes in the NFT market, while the death spiral of LUNA/UST significantly impacted the cryptocurrency market. What are the highlights of this volatile May market data?
Table of Contents
1. Stablecoin Trading Volume Reaches All-Time High
The Block Research summarized the data for May, noting a significant 69.5% increase in on-chain stablecoin trading volume, reaching a record high of $808.4 billion due to the LUNA/UST crash event. Other data includes:
- USDT trading share decreased to 51.7%
- USDC trading share increased to 30.8%
- Stablecoin supply decreased by 3.3%
2. ETH vs BTC Miner Revenue
This marks the 13th consecutive month where Ethereum miner revenue surpasses Bitcoin miner revenue:
- BTC miner revenue decreased to $906 million, down by 21.6%
- ETH miner revenue decreased to $969 million, down by 27.7%
3. NFT Trading Volume
Ethereum NFT market saw a 32.6% decrease in trading volume in May, totaling $48.5 billion. The Block Research highlights that the reward program on the LooksRare platform continues to drive wash trading:
- LooksRare: $1.06 billion
- Magic Eden: $290 million
4. FTX Surpasses Coinbase for the First Time
Spot trading volume rose by 19.6% to $830.4 billion, with FTX surpassing Coinbase for the first time to take the second spot. The market share breakdown for spot markets is as follows:
- Binance: 64.1%
- FTX: 10.8%
- Coinbase: 9.6%
- Kraken: 3.7%
- Bitfinex: 2.6%
- LMAX Digital: 2.6%
5. Derivatives
Monthly futures trading volumes for BTC and ETH grew by 23.3% and 14.7% respectively, while Grayscale's GBTC trading volume showed an increase of 4.4% for the first time since October last year.
The Block introduced a data platform in 2020, with Research Director Lars reiterating on Twitter that the mentioned indicators and real-time data on the platform are all free to access.
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