May Crypto Market Review: 11 Charts Analyzing Industry Trends

In May, most indicators in the crypto market showed a downward trend. This article will comprehensively analyze the state of the crypto market over the past month through 11 charts.

1. The total on-chain transaction volume has declined.

In May, the adjusted on-chain total transaction volume of Bitcoin and Ethereum fell by 4.4% overall, dropping to $390 billion. Among them, the adjusted on-chain transaction volume of Bitcoin decreased by 4.7%, while the on-chain transaction volume of Ethereum fell by 3.9%.

2. Stablecoin market changes

In May, the adjusted on-chain transaction volume of stablecoins decreased by 20.5%, falling to $879 billion. The supply of issued stablecoins slightly increased by 0.5%, reaching $141.9 billion. The market share of USDT grew to 78.8%, while the market share of USDC slightly decreased to 17.1%.

3. Miners' Income and Staking Rewards

Bitcoin miner revenue fell by 46% in May, down to $963 million. In contrast, Ethereum staking revenue increased by 4.1%, reaching $267 million.

4. Ethereum Token Burn Situation

In May, the Ethereum network burned a total of 26,747 ETH, worth approximately $91.7 million. Since the implementation of EIP-1559 in early August 2021, Ethereum has burned a total of approximately 4.3 million ETH, worth about $12.1 billion.

5. NFT market trading volume declines

In May, the trading volume of the NFT market on the Ethereum chain dropped significantly by 27.8%, falling to approximately $344 million.

6. The trading volume of centralized exchanges has decreased.

In May, the spot trading volume of compliant centralized exchanges fell by 22.5%, dropping to $689 billion.

7. Changes in Exchange Market Share

In May, the market share rankings of major cryptocurrency exchanges in the spot market are as follows: a large trading platform at 79.4% (an increase from April), with other well-known exchanges at 10.1%, 3.4%, and 1.8%, respectively.

8. Crypto Futures Market Performance

In May, the open interest of Bitcoin futures increased by 12.9%; thanks to the approval of a spot Ethereum ETF by U.S. regulators, the open interest of Ethereum futures surged by 52%, setting a new historical high. In terms of trading volume, the trading volume of Bitcoin futures decreased by 21% to $1.26 trillion, while the trading volume of Ethereum futures saw a slight increase of 0.2%.

9. CME Bitcoin Futures Data

In May, the open interest of Bitcoin futures at the CME increased by 15.9%, reaching 10.3 billion USD, while the average daily trading volume decreased by 9% to approximately 4.35 billion USD.

10. The trading volume of Ethereum futures has slightly increased.

In May, the average monthly trading volume of Ethereum futures slightly increased by 0.2%, reaching $692 billion.

11. The performance of the crypto market options.

In May, the open interest of Bitcoin options rebounded by 30.5%, while the open interest of Ethereum options increased by 41.4%. In terms of trading volume, the trading volume of Bitcoin options reached $46.8 billion, a slight decrease of 1.2%; the trading volume of Ethereum options hit a historical high of $31.4 billion, growing by 19.2%.

Overall, the crypto market showed a complex situation in May, with some indicators declining, but the Ethereum-related market performed exceptionally well under the positive stimulus of ETF approvals, with multiple metrics reaching new highs.