May Crypto Market Review: 11 Charts Analyzing Industry Trends

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

1. On-chain transaction total amount declines In May, the total on-chain transaction volume of Bitcoin and Ethereum decreased by 4.4% to $390 billion. Among them, Bitcoin's on-chain transaction volume decreased by 4.7%, while Ethereum decreased by 3.9%.

2. The trading volume of stablecoins has shrunk, and the share of USDT has increased. In May, the on-chain transaction volume of stablecoins decreased by 20.5% to $879 billion. The supply of issued stablecoins slightly increased by 0.5% to $141.9 billion. The market share of USDT rose to 78.8%, while USDC slightly decreased to 17.1%.

3. Miner income decreases, staking income increases Bitcoin miners' income has decreased significantly by 46%, to $963 million. In contrast, Ethereum staking income has increased by 4.1%, reaching $267 million.

4. Ethereum Continues to Deflate In May, the Ethereum network destroyed 26,747 ETH, worth approximately $91.7 million. Since the implementation of EIP-1559 in August 2021, Ethereum has cumulatively destroyed about 4.3 million ETH, worth $12.1 billion.

5. The NFT market continues to shrink. In May, the trading volume of the NFT market on the Ethereum chain decreased significantly by 27.8%, dropping to approximately $344 million.

6. Decline in trading volume on centralized exchanges In May, the trading volume of compliant centralized exchanges (CEX) decreased by 22.5% to $689 billion.

7. Changes in Exchange Market Share Ranking of spot market shares of major cryptocurrency exchanges in May: a leading exchange at 79.4% (up from April), with other major exchanges at 10.1%, 3.4%, and 1.8% respectively.

8. The performance of the futures market varies. The open interest of Bitcoin futures increased by 12.9%, while the open interest of Ethereum futures surged by 52%, reaching an all-time high. In terms of trading volume, Bitcoin futures fell by 21% to $1.26 trillion, while Ethereum futures saw a slight increase of 0.2%.

9. CME Bitcoin Futures Data In May, the open interest of Bitcoin futures on the Chicago Mercantile Exchange increased by 15.9%, reaching $10.3 billion. The daily trading volume decreased by 9%, to approximately $4.35 billion.

10. Ethereum futures trading volume slightly increased In May, the average monthly trading volume of Ethereum futures slightly increased by 0.2%, reaching 69.2 billion USD.

11. Options market hits new high The open interest of Bitcoin options rebounded by 30.5%, while Ethereum grew by 41.4%. In terms of trading volume, Bitcoin options slightly decreased by 1.2% to $46.8 billion, while Ethereum options surged by 19.2% to $31.4 billion, setting a new historical high.

Overall, the crypto market showed a fluctuating adjustment in May, but Ethereum performed outstandingly on several indicators, particularly hitting new highs in the futures and options market, which is closely related to the approval of the spot Ethereum ETF by U.S. regulators.