12 charts briefly analyze the overall trend of the Web3 market in August

1- Overall, it has been a mixed month, with the events happening with Tornado Cash and the good with anticipation of the upcoming Ethereum merger.

On-chain volume for both Bitcoin and Ethereum, adjusted total on-chain volume fell 4.2% to $398 billion, with Bitcoin on-chain volume down 5.5% and Ethereum largely flat.

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2- The adjusted on-chain transaction volume of USD stablecoins increased by 32.9% to a record high of $866.2 billion, and the USDC on-chain transaction volume surpassed USDT for the first time; in addition, the issued supply of USD stablecoins increased slightly by 0.2% to 137.4 billion USD, of which USDT accounted for 48.5%, USDC decreased to 31.7%, and the issued supply fell by 4.2% year-to-date.

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3- Bitcoin miner revenue rose 10% to $657 million and Ethereum miner revenue also increased 21.8% to $725 million.

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A total of 38,386 ETH, equivalent to $65.6 million, were burned from April to August. The spike in burns in early May was caused by the Otherside land NFT sale. Since the implementation of EIP-1559 in early August 2021 until the end of August, a total of about 2.61 million ETH, worth about $8.53 billion, have been destroyed.

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5- The monthly transaction volume of the NFT market on Ethereum fell again by 9.9% to $612 million, continuing to hit a new low since August 2021. In the chart, LooksRare’s volume since January has been rescaled to exclude scrubbing trades.

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6- Spot trading volume on compliant centralized exchanges edged down 0.4% to $630.3 billion.

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7- In terms of market share, Binance accounted for 69.5%, Coinbase accounted for 9.3%, FTX accounted for 7.8%, and Kraken accounted for 2.6%.

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8- The average daily trading volume of GBTC fell by 32.2% to $40 million, only the level of mid-2020.

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9- Among the open positions as of the end of August, the open interest of Bitcoin futures decreased by 8.7%, and the open interest of Ethereum futures increased by 12.3%; in terms of trading volume, the trading volume of Bitcoin futures also decreased. While Ethereum has risen, the monthly trading volume of Bitcoin futures has dropped by 19.7%, or about $925 billion.

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10- Open interest in bitcoin futures on the Chicago Mercantile Exchange (CME) fell 8.9% to $1.54 billion, with average daily volume down 12.7% to $1.08 billion.

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The November-August ethereum futures monthly trading volume rose 11.9% to $985 billion, the second-highest on record.

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12- In options, open interest in bitcoin and ethereum increased overall, with bitcoin open interest decreasing by 11% and ethereum increasing by 16.7%. In terms of trading volume, Bitcoin options trading volume also decreased and Ethereum increased. Bitcoin options monthly volume fell 16.5% to $10.6 billion, the lowest level since August 2021, while ethereum rose 6.1% to $12.1 billion.

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Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/12-charts-briefly-analyze-the-overall-trend-of-the-web3-market-in-august/
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