HomeCryptoCurrencyMay Crypto Market Correction and Sluggish NFT Market: Insights from Data

May Crypto Market Correction and Sluggish NFT Market: Insights from Data

encryption market experienced a month of Prevalence of corrections and adjustments, slow NFT market activities, and more in the month of May, according to onChain data released by The Block.

May bearish

In a recent tweet, Lars H research director In The Block, Shed light on the performance of crypto markets in the past Month. The data reveal a mostly corrective phase, which is characterized by fluctuations in on string sizes, stablecoin supply, miner revenue, NFT market activity, and trading volumes across various platforms.

According to the researchers, total adjusted onChain size saw a decline of 5.3%, worth $196 billion. In particular , bitcoin (BTC) witnessed a significant decline decrease of 13.3% in onChain size, while Ethereum (ETH) posted a modest increase of 3.2%.

the adjusted on string size of stablecoins also It fell 4.2% to $464.6 billion.

In addition, the offer issued of Stablecoins shrank by 1.4%, to $122.4 billion. Among them, rope saw (USDT) market share rise to 68.2% and achieved an all-time high supply of $83.5 billion, while US Dollar Coin (USDC) Circle saw 22.2% decrease in market share.

In the bitcoin Mining spaceMiners were profitable in the month of May, with revenue increasing 13.7% to $916.6 million. However, Ethereum will preach faced a decline in Revenue, attest, is great drop of 34.5% to $157.2 million.

In May, A.J total of 204,576 ETH has been burnt, equivalent to $380.1 million. This downward trend has been continuous in effect Since January 2023.

data on the string also shows that since implementation of Ethereum Improvement Proposal 1559 (EIP-1559) in August 2021, a cool 3.36 million ETH, worth Almost $9.76 billion was burned.

The Ethereum-based NFT markets have experienced a major setback in maybe, with a decline of 48.7% in Monthly volume, totaling $652 million. Relatively surprising new player named Blur managed to overtake OpenSea in market share for Fourth month in a row. the shift in The dominance can mainly be attributed to BLUR token Incentives offered by the platform.

Moving on To central exchanges (CEXs), legitimate spot volume faced a decline of 23.2%, marking the lowest level since November 2020. Notable players in this space Include Binance with dominant market share of 71%, followed by Brian Armstrong’s Coinbase at 8.7%, BTSE at 5.1%, and Kraken at 4.5%.

Grayscale Bitcoin Trust (GBTC) has seen great success drop in average daily volume, declining by 38.2% to $26 million, marking the lowest level since December 2019.

express interest in BTC futures decline

Turn to futures tradingexpress interest in bitcoin Futures saw a slight increase of 2.9%, while Ethereum futures saw a more prominent rise of 5.7%. However, the monthly futures contract volume for BTC fell 15.3% to $778.5 billion.

in regulated futures contracts marketThe Chicago Mercantile Exchange (CME) rose 8.4%. decline in express interest for bitcoin Futures contracts worth $1.85 billion. In addition, the average daily volume witnessed a drop of 30.1% to $1.22 billion.

For Ethereum futures contracts, the monthly volume declined by 24.3% to $408 billion, which indicates a decrease in trading activity for Ethereum futures contracts.

In the options marketexpress interest for BTC options experienced a decrease of 10.6%, while ETH options saw a modest increase of 5.6%. but, trading sizes for Both BTC and ETH options declined. Specifically, BTC per month options Trading volume fell 12% to $16.8 billion, while ETH volume fell options Turnover fell 8.5% to $10.7 billion.

data shows valuable insights into performance of encryption market over the past month, revealed a market is subject to correction phasewhich is characterized by fluctuations and modifications across various scales.

One notable trend is decrease in on string sizes, with BTC is in big trouble decline of 13.3%. This indicates a slowdown in Transaction activity on the bitcoin network during the period under review. On the contrary, ETH managed to increase slightly of 3.2%, which indicates relative more flexible performance in terms of onTransaction chain.

Stable currencies, which play decisive role in environmental encryption system, also witnessed a decrease in on string size. total width of The stablecoin contracted 1.4%, which indicates a decline in traded within market.

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Adrian Ovalle
Adrian Ovalle
Adrian is working as the Editor at World Weekly News. He tries to provide our readers with the fastest news from all around the world before anywhere else.

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