The Block Research: A review of the cryptocurrency market in July through nine charts, covering trading volume, miner revenue, exchange market share, and more

The Block researcher Lars summarizes the cryptocurrency market in July:

The Block researcher Lars summarized the July crypto market as follows:

1. As expected, most indicators continued to decline, but volatility has decreased, and some indicators have even begun to recover. In July, compared to June, on-chain transaction volume dropped by 29.3% to $405.1 billion.

2. The adjusted stablecoin on-chain transaction volume decreased by 13% to $387.6 billion. In addition, the supply of stablecoins reached a historical high of $110.1 billion, with USDT market share dropping to 58.3% and USDC market share increasing to 24%.

3. Bitcoin miner revenue increased by 15.8% to $971.8 million, while Ethereum miner revenue decreased by 2.4% to $108 million. This marks the third consecutive month that Ethereum miners have earned more than Bitcoin miners.

4. The trading volume of major centralized exchanges significantly decreased by 32% to $651.2 billion.

5. Market share changes among centralized exchanges: Binance 69.8%, Coinbase 8.3%, FTX 5.4%, Kraken 3.6%. FTX's market share was only 1.5% in January 2021.

6. GBTC monthly average trading volume fell by 25.5% to $20.4 million, a decrease of 73.8% year-to-date.

7. Both Bitcoin and Ethereum contract open interest began to recover at the end of July, but trading volume continued to decline, with Bitcoin contracts falling by 29.6% to $1.42 trillion.

8. Ethereum contract trading volume also declined, dropping by 22.3% to $670 billion.

9. Bitcoin monthly options trading volume decreased by 25.9% to $10.9 billion.