July crypto market data analysis: Multiple indicators show a Rebound trend

In July, several indicators of the crypto market finally welcomed a long-awaited Rebound, which is closely related to the approval and listing of the US spot Ethereum ETF. This article will comprehensively analyze the past month's crypto market conditions through 11 key data points.

1. On-chain transaction volume has increased significantly

In July, the adjusted on-chain total transaction volume of Bitcoin and Ethereum increased by 31.8%, reaching $445 billion. Among them, the adjusted on-chain transaction volume of Bitcoin grew by 34.7%, while Ethereum grew by 27.7%. This data indicates a significant increase in market activity.

2. The trading volume and supply of stablecoins have both increased.

The stablecoin market is also showing a positive trend. In July, the adjusted on-chain trading volume of stablecoins grew by 18.8%, reaching $997.4 billion. At the same time, the issuance supply of stablecoins increased by 1.2%, rising to $144.3 billion. Notably, USDT and USDC dominate the stablecoin market, with market shares of 78.9% and 17.1%, respectively.

3. Miner income and staking income slightly decreased.

Despite the overall positive market, miner income and staking income have slightly declined. In July, Bitcoin miner income reached $950.2 million, a slight decrease of 1.2%. Ethereum staking income saw a larger drop, decreasing by 6.6% to $270.2 million.

4. Ethereum Continuous Burn

In July, the Ethereum network destroyed a total of 17,114 ETH, worth approximately $56.4 million. Since the implementation of EIP-1559 at the beginning of August 2021, Ethereum has cumulatively destroyed around 4.35 million ETH, with a total value of approximately $12.3 billion. This mechanism helps control the inflation rate of Ethereum.

5. The NFT market continues to be sluggish.

In July, the trading volume of the NFT market on the Ethereum chain continued its declining trend, dropping by as much as 49.6%, further falling to about $140.3 million. This indicates that the NFT market has not yet emerged from its trough.

6. Centralized exchange trading volume rebounds

The spot trading volume of compliant centralized exchanges rebounded in July, increasing by 6.7% to reach $702.7 billion. This data reflects an increase in investors' willingness to trade.

7. Bitcoin ETF attracts a large amount of funds

In July, the net inflow of spot Bitcoin ETFs increased significantly by 473%, reaching $3.15 billion. This indicates a notable increase in interest from institutional investors in Bitcoin.

8. The crypto futures market performed strongly

In July, the open interest of Bitcoin futures increased by 15.6%, while the open interest of Ethereum futures decreased by 5.6%. In terms of trading volume, the trading volume of Bitcoin futures soared by 65% in July, reaching $1.66 trillion, while the trading volume of Ethereum futures grew by 43.1%.

9. CME Bitcoin futures data is positive

In July, the open interest in Bitcoin futures on the Chicago Mercantile Exchange grew by 13.5%, rebounding to $10.6 billion. The average daily trading volume increased by 12.3%, reaching approximately $5.05 billion.

10. The trading volume of Ethereum futures has surged.

In July, the average monthly trading volume of Ethereum futures surged to $755.5 billion, an increase of 43.1%.

11. The crypto market for options is active.

In the options market, the open interest for July Bitcoin options rose by 35.9%, while the open interest for Ethereum options increased by 7.1%. The monthly trading volume for Bitcoin options reached $56.9 billion, an increase of 31.9%; whereas the trading volume for Ethereum options fell by 8.1%, down to $15.5 billion.

Overall, the crypto market in July showed a positive trend of rebound in several indicators, especially in terms of trading activity, investment willingness, and institutional participation. However, the continued slump in the NFT market reminds us that the recovery of the crypto market is not comprehensive, and there are still differences in various sub-sectors. The future market direction needs to closely monitor changes in various data.