Crypto Market October Data Review: Multiple Indicators Show Significant Rebound

October is a turning point for the encryption industry, as most key indicators have finally started to show a Rebound. This article will review the overall state of the crypto market over the past month through 11 key data points.

1. The total on-chain transaction volume has increased significantly. In October, the adjusted total on-chain transaction volume for Bitcoin and Ethereum grew by 28.1% overall, reaching $420 billion. The increase for Bitcoin was 32.1%, while Ethereum saw a rise of 20.9%.

2. Changes in the stablecoin market. The on-chain transaction volume of stablecoins increased by 8% after the October adjustment, reaching $899 billion. The total supply of stablecoins slightly decreased to $149.3 billion, a decrease of 0.7%. In terms of market share, USDT and USDC accounted for 79.5% and 16.9%, respectively.

3. Miner and staking income rise. Bitcoin miner income rose by 25.4% in October, reaching $1.02 billion. Ethereum staking income also stopped declining and rebounded to $221.5 million, an increase of 5.8%.

4. Ethereum deflation continues. In October, the Ethereum network destroyed a total of 41,648 ETH, valued at approximately $105 million. Since the implementation of EIP-1559 in August 2021, Ethereum has destroyed approximately 4.43 million ETH, worth about $12.5 billion.

5. The NFT market is rebounding. In October, the trading volume of the NFT market on the Ethereum chain saw a significant rebound, increasing by 26.5%, with a total of approximately $121.6 million.

6. The trading volume of centralized exchanges has increased. The spot trading volume of compliant centralized exchanges rose by 16.3% in October, reaching $843 billion.

7. The net inflow of Bitcoin ETFs has turned positive. In October, the net inflow of spot Bitcoin ETFs showed positive growth, with an inflow amount of approximately $5.3 billion. On October 30, a certain ETF product had a single-day inflow of $872 million, setting a new record.

8. The crypto futures market is active. In October, the open interest for Bitcoin futures increased by 22.9%, and the open interest for Ethereum futures rose by 14.6%. In terms of trading volume, Bitcoin futures increased by 12.1% to $1.25 trillion, while Ethereum futures rose by 4.8%.

9. Institutional participation has increased. In October, the open interest of Bitcoin futures on a large exchange increased by 21.5%, reaching $12.5 billion (a historical high), with the daily trading amount rising by 9.6% to about $5.3 billion.

10. Ethereum futures trading is active. The average monthly trading volume of Ethereum futures in October grew to $488.8 billion, an increase of 4.8%.

11. The options market performed strongly. The open interest for Bitcoin options in October increased by 35.76%, while the open interest for Ethereum options remained stable. In terms of trading volume, the monthly trading volume of Bitcoin options reached 54 billion USD, up by 39.8%; the trading volume of Ethereum options was 10.2 billion USD, an increase of 4.7%.

Overall, several indicators in the October crypto market showed a significant Rebound, indicating that market sentiment is improving and investor confidence is recovering. However, market participants still need to closely monitor the macroeconomic environment and regulatory developments to assess whether this positive trend can be sustained.