June Data Report: Severe Declines in Most Metrics, but Total Stablecoin Issuance Hits Another Record

As expected, most cryptocurrency market metrics saw serious declines.

On July 2, The Block Research team published a graphical report of data from the cryptocurrency industry for the month of June. Overall, all data metrics for the cryptocurrency industry saw a significant decline in June, including data metrics for total on-chain transactions, miner revenue, CEX spot trading volume, BTC and ETH futures, ETH options, and more.

As expected, most metrics saw severe declines (ETH metrics experienced higher volatility). Although we are at year-over-year highs, the parabolic trend is broken for most indicators.

Total adjusted BTC and ETH on-chain volume declined by 46.6% to $572.7 billion.

June Data Report: Severe Declines in Most Metrics, but Total Stablecoin Issuance Hits Another Record

Adjusted stablecoin on-chain trading volume declined 41.9% to $455 billion (stablecoin issuance reached a new all-time record of $105.4 billion; USDT has 60.9% and USDC has 23% market share; no new USDT issuance in June).

June Data Report: Severe Declines in Most Metrics, but Total Stablecoin Issuance Hits Another Record

BTC miner revenue fell 42% to $839 million and ETH miner revenue fell 53% to $1.106 billion. Notably, this is the second month in a row where ETH miner revenue > BTC miner revenue (the last time this happened was in June/July 2017).

June Data Report: Severe Declines in Most Metrics, but Total Stablecoin Issuance Hits Another Record

Legitimate CEX spot trading volume fell 56% to $958.3. This is the first time we have fallen below $1 trillion since January (significant market share: Binance at 69.7%, Coinbase at 8%, FTX up to third place with 4.2% and Kraken at 4.1%).

June Data Report: Severe Declines in Most Metrics, but Total Stablecoin Issuance Hits Another Record

GBTC average daily volume fell 34.6 percent to $274 million, down 64.8 percent year-to-date.

June Data Report: Severe Declines in Most Metrics, but Total Stablecoin Issuance Hits Another Record

BTC futures trading volume fell just 18.2% to $2.02 trillion. Cryptocurrency Bitcoin futures were flat at about $1.05 trillion.

June Data Report: Severe Declines in Most Metrics, but Total Stablecoin Issuance Hits Another Record

On the ETH futures side, volume fell 49.3% to $862 billion.

June Data Report: Severe Declines in Most Metrics, but Total Stablecoin Issuance Hits Another Record

ETH monthly options trading volume fell 68.8% to $5.19 billion, but was still higher than at any time in Q1.

June Data Report: Severe Declines in Most Metrics, but Total Stablecoin Issuance Hits Another Record

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