September Crypto Market Review: The Truth Behind the Surface Prosperity

In the past September, the crypto market appeared to show good momentum due to the rebound in Bitcoin prices. However, a deeper analysis of various indicators reveals that the actual situation is not as optimistic. This article will reveal the true state of the crypto market in September through several key data points.

In September, the on-chain transaction volume of Bitcoin and Ethereum saw a significant decline. The adjusted on-chain transaction volume dropped to $328 billion, a decrease of 13% overall. Among them, the adjusted on-chain transaction volume of Bitcoin fell by 10.2%, while Ethereum dropped by 17.8%.

The stablecoin market also shows signs of weakness. In September, the adjusted on-chain trading volume of stablecoins decreased significantly by 30.8%, totaling only 832 billion dollars. Nevertheless, the supply of stablecoins still saw a slight increase of 1.3%, reaching 150.4 billion dollars. In the stablecoin market, USDT and USDC continue to dominate, with market shares of 78.3% and 17.6%, respectively.

The income of miners and stakers has also not been spared from the downward trend. Bitcoin miner income continues to decline, dropping to $815.3 million, a decrease of 4.2%. Ethereum staking income has also decreased by 4%, falling to $209.4 million.

The Ethereum network destroyed a total of 26,874 ETH in September, worth approximately 68.2 million USD. Since the implementation of EIP-1559 in early August 2021, Ethereum has cumulatively destroyed about 4.39 million ETH, with a total value reaching 12.4 billion USD.

The NFT market failed to turn around its decline in September, with the trading volume of NFTs on the Ethereum blockchain plummeting by 22% again, falling to approximately $96.1 million.

The spot trading volume of compliant centralized exchanges (CEX) has also fallen, unable to maintain the growth trend of August. In September, the spot trading volume of CEX decreased by 17.4%, dropping to $724.6 billion.

However, not all indicators show a downward trend. In September, the spot Bitcoin ETF saw a positive net inflow, with an inflow amount of approximately $1.13 billion, indicating sustained investor interest in Bitcoin ETF products.

In the crypto market for futures, the open interest for Bitcoin and Ethereum futures both increased in September, with growth rates of 16% and 16.1%, respectively. However, the trading volume for futures declined, with Bitcoin futures trading volume dropping 16.1% to $1.11 trillion and Ethereum futures trading volume decreasing by 20.8%.

The Chicago Mercantile Exchange's Bitcoin futures market performed relatively well, with open interest increasing by 14.3% to reach $10.3 billion. However, the average daily trading volume still fell by 4.7%, down to about $4.8 billion.

The Ethereum futures market is also facing challenges, with the average monthly trading volume in September dropping to $465.5 billion, a decline of 20.8%.

In the options market, the open interest and trading volume of Bitcoin and Ethereum options declined in September. Bitcoin options open interest decreased by 1.6%, and trading volume dropped by 28.1% to $38.6 billion. The Ethereum options market was even weaker, with open interest falling by 8.4% and trading volume plummeting by 37.5% to $9.7 billion.

Overall, although the price of Bitcoin rebounded in September, most indicators of the crypto market still show a downward trend. This indicates that the market still faces many challenges, and investors need to remain cautious and closely monitor market movements.