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

In the past month, most indicators in the crypto market have declined, but the stablecoin market has performed remarkably. This article will analyze the changes in the crypto market in April from multiple dimensions.

The on-chain transaction volume of Bitcoin and Ethereum decreased by 30.5% in April, reaching $408 billion. Among them, the on-chain transaction volumes of Bitcoin and Ethereum fell by 30.85% and 30.2%, respectively.

In contrast, the stablecoin market performed remarkably. The adjusted on-chain transaction volume of stablecoins in April increased by 23.7%, reaching a historic high of $1.1 trillion. The supply of issued stablecoins grew by 2.8% to $141.2 billion, with the market share of USDT rising to 77.83%, while USDC saw a slight decline to 18.1%.

In terms of miner income, Bitcoin miners' earnings fell by 11.3% in April to $1.78 billion. Ethereum staking income also decreased by 16.9% to $257 million. Since the implementation of EIP-1559 in August 2021, Ethereum has burned approximately 4.78 million ETH, worth about $12.02 billion. In April alone, 54,640 ETH were burned, worth $17.9 million.

The NFT market continues to be sluggish, with Ethereum's on-chain NFT trading volume dropping significantly by 34.5% in April to approximately $476 million.

On the exchange side, the compliant centralized exchange (CEX) saw a 38.4% drop in spot trading volume in April to $888 billion. A large trading platform continues to lead with a 78.7% market share, followed by a certain American exchange with 10.1%.

The futures market is also facing a downturn. In April, the open interest of Bitcoin futures fell by 1.6%, while the open interest of Ethereum futures dropped by 17.7%. The trading volume of Bitcoin futures decreased by 21.38% to $1.59 trillion, and the trading volume of Ethereum futures fell by 22.6% to $691 billion.

The options market has shown divergence. In April, the open interest for Bitcoin and Ethereum options fell by 15.5% and 7.1%, respectively. However, the trading volumes for both reached new highs, with Bitcoin options trading volume increasing by 1.2% to $47.3 billion and Ethereum options trading volume surging by 25.4% to $26.32 billion.

Overall, the crypto market showed a downward trend in April, but stablecoins and options trading performed well, indicating changes in market structure and adjustments in investor strategies.