April Crypto Market Review: Stablecoin Trading Volume Hits New High, Other Indicators Generally Decline

The cryptocurrency market in April presented a complex situation. Although the stablecoin market performed well, most key indicators saw a decline. This article will analyze the dynamics of the crypto market over the past month from multiple dimensions.

The total on-chain transaction volume of Bitcoin and Ethereum saw a significant decline in April, dropping by 30.5% to a total of $408 billion. Among them, the on-chain transaction volume of Bitcoin decreased by 30.85%, while the on-chain transaction volume of Ethereum fell by 30.2%.

In stark contrast, the stablecoin market performed strongly. The adjusted on-chain trading volume of stablecoins in April surged by 23.7%, reaching a historic high of $1.1 trillion. The supply of issued stablecoins also increased, rising by 2.8% to $141.2 billion. Notably, USDT's market share grew to 77.83%, while USDC's market share slightly decreased to 18.1%.

In terms of miner income, Bitcoin miner income fell by 11.3% in April, down to $1.78 billion. Ethereum staking income also declined, with a decrease of 16.9%, totaling $25.7 million.

The Ethereum network destroyed a total of 54,640 ETH in April, worth approximately $179 million. Since the implementation of EIP-1559 at the beginning of 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 overall downward trend. In April, the trading volume of NFTs on the Ethereum blockchain fell sharply by 34.5%, down to approximately $476 million.

The spot trading volume of traditional centralized exchanges (CEX) also saw a decline in April, dropping by 38.4% to a total of $888 billion. The market share rankings of the spot market among major exchanges are: a certain trading platform 78.7% (an increase compared to previous months), a certain platform 10.1%, a certain platform 3.7%, and a certain platform 2.2%.

The crypto futures market has also shown a similar downward trend. In April, the open interest of Bitcoin futures fell by 1.6%, while the open interest of Ethereum futures dropped by 17.7%. In terms of trading volume, the trading volume of Bitcoin futures decreased by 21.38%, dropping to $1.59 trillion. The open interest of Bitcoin futures on a certain futures exchange decreased by 23.7%, down to $8.9 billion, with the average daily transaction amount significantly reduced by 30.1%, falling to about $4.8 billion. The monthly average trading volume of Ethereum futures decreased to $691 billion, with a decline of 22.6%.

However, the cryptocurrency options market shows a different trend. Despite the fact that the open interest of Bitcoin options fell by 15.5% in April and the open interest of Ethereum dropped by 7.1%, the trading volume reached a new high. The trading volume of Bitcoin options reached a historical high of $47.3 billion, an increase of 1.2%; the trading volume of Ethereum options reached a new high of $26.32 billion, with an increase of up to 25.4%.

Overall, the cryptocurrency market in April presented a complex situation of growth in the stablecoin sector and a general decline in other areas. This divergence reflects the different strategic choices of market participants in the current environment and provides noteworthy signals for the future direction of the market.