May Crypto Market Overview: Multiple Indicators Decline, Ethereum Options Trading Hits New Highs

In May, the crypto market showed an overall downward trend, with several key indicators experiencing varying degrees of decline. This article will present readers with a comprehensive view of the crypto market over the past month through analysis from multiple dimensions.

The adjusted total on-chain transaction volume of Bitcoin and Ethereum has overall decreased by 4.4%, falling to $390 billion. Among them, the adjusted on-chain transaction volume of Bitcoin decreased by 4.7%, while the on-chain transaction volume of Ethereum decreased by 3.9%.

The stablecoin market has also experienced volatility. The on-chain trading volume of stablecoins adjusted in May saw a significant decline of 20.5%, dropping to $879 billion. However, the supply of issued stablecoins slightly increased by 0.5%, reaching $141.9 billion. Notably, USDT's market share grew to 78.8%, while USDC's market share saw a slight decrease, falling to 17.1%.

In terms of miner income, Bitcoin miner income dropped significantly by 46% in May, falling to $963 million. In contrast, Ethereum staking income rose against the trend by 4.1%, increasing to $267 million.

The Ethereum network destroyed 26,747 ETH in May, worth approximately $91.7 million. Since the implementation of EIP-1559 in early August 2021, Ethereum has destroyed a total of about 4.3 million ETH, worth approximately $12.1 billion.

The NFT market continues to be under pressure, with the trading volume of Ethereum-based NFTs in May dropping significantly by 27.8% to approximately $344 million.

The spot trading volume of compliant centralized exchanges (CEX) is also not optimistic, dropping 22.5% in May to $689 billion. In terms of market share, a well-known trading platform occupies 79.4% of the share, which is an increase from April, while the shares of other major exchanges are 10.1%, 3.4%, and 1.8%, respectively.

The futures market has shown different trends. The open interest in Bitcoin futures increased by 12.9%, while the open interest in Ethereum futures surged by 52%, reaching an all-time high. This growth is largely attributed to the approval of the spot Ethereum ETF by U.S. regulators. However, in terms of trading volume, the trading volume of Bitcoin futures in May dropped by 21%, falling to $1.26 trillion, while the trading volume of Ethereum futures saw a slight increase of 0.2%.

The open interest of Bitcoin futures at a large futures exchange increased by 15.9% to $10.3 billion, but the average daily trading volume decreased by 9% to about $4.35 billion. The average monthly trading volume of Ethereum futures slightly rose by 0.2% to $692 billion.

The options market has performed exceptionally well, especially Ethereum. In May, the open interest of Bitcoin options rebounded by 30.5%, while the open interest of Ethereum options increased by 41.4%. In terms of trading volume, Bitcoin options trading volume reached $46.8 billion, a slight decrease of 1.2%, whereas Ethereum options trading volume reached $31.4 billion, a significant increase of 19.2%, setting a new historical high.

Overall, the crypto market in May presented a complex pattern. Although most indicators showed a decline, Ethereum's performance in the futures and options markets remained impressive, indicating the market's continued optimism towards Ethereum. This divergence also reflects the current diversification trend in the crypto market, with different assets and product types showing different developmental trajectories.