- The total adjusted on-chain transaction volume for the two leading crypto assets, Bitcoin
and Ethereum, decreased by 6.3% in August, falling to $176 billion. - In August, the supply of stablecoins issued contracted by 2.2%, dropping to $115.1 billion. Tether (USDT) and Circle (USDC) slightly increased their market share.
- Despite regulatory pressures, Binance maintains its leadership position with a 73.4% share. Coinbase is second with 10.2%, followed by Kraken with 5.3%.
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What’s the current situation in Bitcoin, Ethereum, and the overall cryptocurrency market? Bitcoin and Ethereum data reflect silence!
Current Status of Bitcoin and Ethereum
The total adjusted on-chain transaction volume for the two leading crypto assets, Bitcoin and Ethereum, decreased by 6.3% in August, falling to $176 billion. According to research, Bitcoin’s monthly transaction volume decreased by 6.7%, and Ethereum’s decreased by 5.7%.
Additionally, this marks the fifth consecutive month of decline since March, and on-chain transaction volume has decreased by 56% compared to the same month last year.
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Nevertheless, the adjusted on-chain stablecoin volume increased by 6.8% in August, rising to $520.9 billion. However, this measure has dropped by about 35% compared to March figures.
In August, the supply of stablecoins issued contracted by 2.2%, dropping to $115.1 billion. Tether (USDT) and Circle (USDC) slightly increased their market share. Crypto revenues have also decreased. Bitcoin miner revenue decreased by 6.8% to $805 million in August, while Ethereum staking revenue decreased by 7.5% to $130 million. The monthly NFT market volume on Ethereum decreased by 8% to $391 million, with secondary sales also declining.
Centralized exchange spot volume also decreased by 2.8%, falling to $261.6 billion, reaching its lowest level since October 2020. Despite regulatory pressures, Binance maintains its leadership position with a 73.4% share. Coinbase is second with 10.2%, followed by Kraken with 5.3%.
Crypto derivative trading has also seen a decline. The Bitcoin futures open position ratio, or the number of outstanding contracts, decreased by 14%, and Ethereum contracts decreased by 18%. Additionally, BTC monthly futures trading volume decreased by 5.4% to $603 billion, while ETH futures trading monthly volume decreased by 15.5% to $264 billion.
September is generally a quiet month for crypto, with more losses than gains seen in previous years. However, crypto investor and Ethereum educator Anthony Sassano is taking a positive approach. He said, “Late-cycle crypto markets are worse for most people than bear markets,” and added:
“This is usually the ‘what happens if there’s never another bull market again in crypto?’ part of the crypto cycle, and it’s typically when the bull comes back.”
Market Outlook
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Over the weekend, crypto markets returned to a state of stagnation, with the total market cap hovering just below $1.1 trillion. BTC is currently trading just below $26,000, with a 0.35% increase during the day.
Ethereum, on the other hand, is trading at $1,638 with a slight 0.26% increase in the past 24 hours. Ethereum’s trading volume has increased by 20%.
