April Crypto Market Review: Stablecoins Perform Well, Other Indicators Generally Decline

The cryptocurrency market has shown a complex situation over the past month. Although the stablecoin market has performed well, most indicators have shown a downward trend. Let's delve into the overall condition of the crypto market in April through a series of key data.

In April, the adjusted on-chain total transaction volume of Bitcoin and Ethereum dropped by 30.5% overall, falling to $408 billion. Among them, the adjusted on-chain transaction volume of Bitcoin decreased by 30.85%, while Ethereum's on-chain transaction volume fell by 30.2%.

In contrast, the stablecoin market has performed remarkably. In April, the adjusted on-chain transaction volume of stablecoins increased by 23.7%, reaching $1.1 trillion, setting a new historical high. The supply of issued stablecoins has also increased, with a growth rate of 2.8%, reaching $141.2 billion. Notably, the market share of USDT grew to 77.83%, while the market share of USDC slightly decreased to 18.1%.

In terms of miner income, Bitcoin miners' revenue fell to $1.78 billion in April, a decrease of 11.3%. At the same time, Ethereum staking income further declined to $257 million, a drop of 16.9%.

In April, the Ethereum network destroyed a total of 54,640 ETH, worth approximately $179 million. Since the implementation of EIP-1559 in early August 2021, Ethereum has destroyed a total of about 4.78 million ETH, worth approximately $12.02 billion.

The NFT market has also not been spared from the downward trend. In April, the trading volume of NFTs on the Ethereum chain fell significantly by 34.5%, reaching approximately $476 million.

In terms of exchanges, the spot trading volume of compliant centralized exchanges (CEX) fell by 38.4% in April, dropping to $888 billion. A well-known trading platform still maintains its market leadership, with a market share of 78.7%, which has increased compared to previous months.

The futures market is also facing challenges. In April, the open interest for Bitcoin futures dropped by 1.6%, while the open interest for Ethereum futures fell by 17.7%. In terms of trading volume, Bitcoin futures saw a 21.38% decrease in April, falling to $1.59 trillion. The average monthly trading volume for Ethereum futures decreased to $691 billion, a decline of 22.6%.

The open interest of Bitcoin futures on a large futures exchange decreased by 23.7%, falling to $8.9 billion, while the average daily trading volume significantly dropped by 30.1%, down to approximately $4.8 billion.

However, the cryptocurrency options market is showing a different trend. Although the open interest for Bitcoin and Ethereum options dropped by 15.5% and 7.1% respectively in April, the trading volumes for both reached new highs. The trading volume for Bitcoin options reached $47.3 billion, an increase of 1.2%; while the trading volume for Ethereum options reached $26.32 billion, an increase of 25.4%.

Overall, the crypto market in April presented a complex situation. Despite most indicators showing a decline, the impressive performance of stablecoins and the options market brought some positive signals for the entire industry. This complex market environment reflects the diversity and dynamism of the cryptocurrency ecosystem and highlights the importance for market participants to remain vigilant and adapt flexibly.