September Crypto Market Performance Analysis: Multiple Indicators Decline, Bitcoin Price Rebound

In the past September, the crypto market displayed a complex situation. Although the price of Bitcoin saw a rebound, most market indicators showed a downward trend. This article will analyze the state of the crypto market in September from multiple dimensions.

On-chain transaction activity decreases

In September, the adjusted on-chain total transaction volume of Bitcoin and Ethereum decreased by 13%, falling to $328 billion. Among them, the adjusted on-chain transaction volume of Bitcoin dropped by 10.2%, while Ethereum fell by 17.8%.

In terms of stablecoins, the adjusted on-chain transaction volume has significantly decreased by 30.8%, falling to $832 billion. However, the issuance supply of stablecoins has slightly increased by 1.3%, reaching $150.4 billion. In terms of market share, USDT and USDC account for 78.3% and 17.6%, respectively.

Decline in Mining and Staking Income

In September, Bitcoin miners' revenue continued to decline by 4.2%, falling to $815.3 million. At the same time, Ethereum staking revenue also decreased by 4%, dropping to $209.4 million.

It is worth noting that in September, the Ethereum network destroyed a total of 26,874 ETH, valued at approximately 68.2 million USD. Since the implementation of EIP-1559 in early August 2021, Ethereum has destroyed a total of approximately 4.39 million ETH, valued at around 1.24 billion USD.

The NFT market remains sluggish

In September, the trading volume of the Ethereum on-chain NFT market dropped significantly again, falling by as much as 22%, further declining to about $9.61 million. This data indicates that the NFT market has still not emerged from its sluggish state.

Exchange Performance and ETF Inflows

The spot trading volume of compliant centralized exchanges (CEX) failed to continue the growth momentum of August in September, dropping by 17.4% to $724.6 billion.

However, in September, the spot Bitcoin ETF saw a positive net inflow, with an inflow amount of approximately $1.13 billion, indicating that institutional investors' interest in Bitcoin has increased.

Changes in the Futures Market

In terms of crypto futures, the open interest of September Bitcoin futures increased by 16%, while the open interest of Ethereum futures rose by 16.1%. However, the trading volume of futures has declined, with Bitcoin futures trading volume dropping by 16.1% to $1.11 trillion, and Ethereum futures trading volume falling by 20.8%.

The open interest of Bitcoin futures on the CME increased by 14.3% to reach $10.3 billion, but the daily trading volume decreased by 4.7% to about $4.8 billion. The average monthly trading volume of Ethereum futures dropped to $46.55 billion, a decline of 20.8%.

Options Market Performance

The cryptocurrency options market is also showing a downward trend. In September, the open interest for Bitcoin options decreased by 1.6%, while the open interest for Ethereum options fell by 8.4%. In terms of trading volume, the monthly trading volume for Bitcoin options reached $38.6 billion, a decline of 28.1%; the trading volume for Ethereum options was $9.7 billion, a significant drop of 37.5%.

Overall, although the price of Bitcoin experienced a Rebound in September, most indicators of the crypto market still show a downward trend. This contradictory market performance reflects the complexity of the current cryptocurrency ecosystem and provides opportunities for investors and market analysts to think deeply.