12 charts explaining the crypto market in December: Bitcoin options monthly trading volume hits record high

Perhaps affected by the impending approval of the US spot Bitcoin ETF, in the past December 2023, most crypto industry indicators showed a strong growth trend.

Written by Lars, Head of Research at The Block

Compiled by: Jordan, PANews

Perhaps affected by the impending approval of the US spot Bitcoin ETF, in the past December 2023, most crypto industry indicators showed a strong growth trend. This article will use 12 pictures to interpret the crypto market in the past month. situation.

In January and December, the overall adjusted on-chain transaction volume of Bitcoin and Ethereum increased by 29.1% to US$328 billion. Among them, the adjusted on-chain transaction volume of Bitcoin increased by 34.4%, and the adjusted on-chain transaction volume of Ethereum increased by as much as 21.6%.

2. The adjusted transaction volume on the stablecoin chain continued to rise in December, rising to US$608 billion, an increase of approximately 1.9%; the supply of issued stablecoins also increased, with an increase of 0.57% to US$120.8 billion. , among which the U.S. dollar stablecoin USDT has a market share of 76% (rising for four consecutive months), while the market share of USDC continues to fall to 18.3%.

3. Bitcoin miner revenue also increased further in December, rising to $1.59 billion, an increase of 21.7%. At the same time, Ethereum staking revenue increased by 17.1%, rising to a range of $185 million.

4. In December, a total of 127,110 ETH were destroyed on the Ethereum network, with a value equivalent to US$286 million. Data shows that since the implementation of EIP-1559 in early August 2021, Ethereum has destroyed a total of approximately 3.89 million ETH, worth approximately US$10.8 billion.

5. In December, the transaction volume of the NFT market on the Ethereum chain increased significantly, reaching approximately US$780 million, an increase of 39.8%.

6. The spot trading volume of compliance centralized exchanges (CEX) continued to show an upward trend in December, with an increase of 34.5%, rising to approximately US$598.7 billion.

7. The spot market share rankings of major cryptocurrency exchanges in December are as follows: Binance is 72.3%, Coinbase is 11.7%, Kraken is 4.9%, and LMAX Digital is 3.2%.

8. The average daily trading volume of Grayscale’s Bitcoin Trust Fund GBTC rose by 63.4% in December to $195 million.

9. In terms of crypto futures, open interest in Bitcoin futures increased by 12.7% in December, and open interest in Ethereum futures increased by 9.7%; in terms of futures trading volume, Bitcoin futures trading volume increased by 20% in December, rising to $966 billion.

In October and December, the open interest of CME Group’s Bitcoin futures increased by 11.3% to US$4.9 billion, and the average daily transaction volume (daily avg volume) increased by 13.5% to approximately US$2.66 billion.

In November and December, the average monthly trading volume of Ethereum futures rose to US$507 billion, an increase of 13%.

12. In terms of cryptocurrency options, Bitcoin and Ethereum option positions generally fell in December, with Bitcoin option positions falling by 15.6% and Ethereum option positions falling by 5.5%. In addition, in terms of Bitcoin and Ethereum options trading volume, Bitcoin options trading volume increased by 17.3% in December to US$37.9 billion, setting a record high; Ethereum options trading volume increased by 5.9% to US$15.3 billion.