May Crypto Market Review: 11 Charts Analyzing Market Trends

In May, most indicators in the crypto market showed a downward trend. This article analyzes the market conditions over the past month through 11 charts.

1. The total on-chain transaction volume of Bitcoin and Ethereum decreased by 4.4%, falling to $390 billion. The on-chain transaction volume of Bitcoin decreased by 4.7%, while Ethereum decreased by 3.9%.

2. The on-chain transaction volume of stablecoins decreased by 20.5% to $879 billion. The supply of issued stablecoins increased slightly by 0.5%, reaching $141.9 billion. The market share of USDT rose to 78.8%, while USDC slightly dropped to 17.1%.

3. Bitcoin miners' income plummeted by 46% to $963 million. Ethereum staking income grew by 4.1% to $267 million.

4. The Ethereum network has burned 26,747 ETH, worth approximately $91.7 million. Since the implementation of EIP-1559 in August 2021, a total of about 4.3 million ETH has been burned, valued at $12.1 billion.

5. The trading volume of the NFT market on the Ethereum blockchain continues to decline by 27.8%, falling to approximately $344 million.

6. The trading volume of compliant centralized exchanges decreased by 22.5% to $689 billion.

7. Main exchange spot market share: a large exchange 79.4%, a U.S. exchange 10.1%, a European exchange 3.4%, a digital asset exchange 1.8%.

8. Bitcoin futures open interest increased by 12.9%. Ethereum futures open interest surged by 52%, reaching an all-time high, thanks to the approval of spot ETFs by U.S. regulators. Bitcoin futures trading volume decreased by 21% to $1.26 trillion, while Ethereum futures trading volume saw a slight increase of 0.2%.

9. The open interest of Bitcoin futures at a large derivatives exchange increased by 15.9% to $10.3 billion, while the daily trading volume decreased by 9% to $4.35 billion.

10. The average monthly trading volume of Ethereum futures rose slightly by 0.2% to $692 billion.

11. The open interest of Bitcoin options rebounded by 30.5%, while Ethereum increased by 41.4%. The trading volume of Bitcoin options reached $46.8 billion, a decrease of 1.2%; the trading volume of Ethereum options hit a record high at $31.4 billion, an increase of 19.2%.

Overall, the crypto market in May showed a divergent trend, with Ethereum benefiting from the approval of spot ETFs, and several indicators reaching new highs, while other areas generally experienced a decline. Market participants need to closely monitor regulatory trends and macroeconomic factors to grasp the future direction of the market.