October Crypto Market Review: Multiple Indicators Show Significant Recovery

This article will review the overall performance of the crypto market in October 2023 through 11 key data points.

1. The total on-chain transaction volume has increased significantly. In October, the on-chain transaction volume of Bitcoin and Ethereum increased by 28.1%, reaching $420 billion. Among them, the on-chain transaction volume of Bitcoin grew by 32.1%, while Ethereum grew by 20.9%.

2. Stablecoin Market Changes The on-chain trading volume of stablecoins increased by 8% to $899 billion, but the issuance supply slightly decreased by 0.7% to $149.3 billion. USDT and USDC still dominate, with market shares of 79.5% and 16.9%, respectively.

3. Increase in mining and staking income Bitcoin miners' revenue increased by 25.4% to $1.02 billion. Ethereum staking revenue also rose by 5.8%, reaching $221.5 million.

4. Ethereum Burn Amount In October, a total of 41,648 ETH were destroyed, worth approximately $105 million. Since the implementation of EIP-1559 in August 2021, approximately 4.43 million ETH have been destroyed, worth about $12.5 billion.

5. The NFT market is warming up The trading volume of NFTs on the Ethereum chain rebounded significantly by 26.5%, reaching approximately $121.6 million.

6. Centralized Exchange Performance The spot trading volume of compliant centralized exchanges grew by 16.3%, reaching $843 billion.

7. Bitcoin ETF fund inflow The net inflow of spot Bitcoin ETFs is approximately $5.3 billion. On October 30, a certain ETF product saw a single-day inflow of as much as $872 million, setting a new record.

8. The crypto futures market is active. The open interest of Bitcoin futures increased by 22.9%, while Ethereum saw a growth of 14.6%. The trading volume of Bitcoin futures rose by 12.1% to $1.25 trillion, and the trading volume of Ethereum futures increased by 4.8%.

9. Chicago Mercantile Exchange Bitcoin futures hit a record high The Chicago Mercantile Exchange's Bitcoin futures open interest increased by 21.5% to $12.5 billion, setting a new historical high. The average daily trading volume grew by 9.6% to around $5.3 billion.

10. Growth in Ethereum futures trading volume The average monthly trading volume of Ethereum futures increased by 4.8% to $488.8 billion.

11. Crypto market options performance The open interest of Bitcoin options increased by 35.76%, while the open interest of Ethereum options remained basically flat. The monthly trading volume of Bitcoin options reached $54 billion, an increase of 39.8%; the trading volume of Ethereum options was $10.2 billion, an increase of 4.7%.

Overall, most indicators in the October crypto market showed positive growth trends, indicating a significant increase in market activity.