Crypto Market October Review: Multiple Indicators Show Significant Rebound

In the past October, the encryption industry finally welcomed a rebound in most indicators. Let's review the performance of the crypto market this month through a series of data.

The total on-chain transaction value of Bitcoin and Ethereum increased by 28.1% after adjustments, reaching $420 billion. Among them, the adjusted on-chain transaction value of Bitcoin grew by 32.1%, while Ethereum increased by 20.9%.

In terms of stablecoins, the on-chain transaction volume adjusted in October increased by 8%, reaching $899 billion. However, the issuance supply of stablecoins slightly decreased, falling by 0.7% to $149.3 billion. Notably, USDT and USDC account for 79.5% and 16.9% of the market, respectively.

Miner revenue has also seen significant growth. Bitcoin miner revenue rose by 25.4% in October, reaching $1.02 billion. Meanwhile, Ethereum staking revenue has also rebounded, increasing by 5.8% to $221.5 million.

The Ethereum network burned a total of 41,648 ETH in October, worth approximately $105 million. Since the implementation of EIP-1559 in early August 2021, Ethereum has burned a total of about 4.43 million ETH, worth approximately $12.5 billion.

The NFT market is also showing positive signs. In October, the trading volume of NFTs on the Ethereum chain rebounded significantly, increasing by 26.5% to approximately $121.6 million.

On the exchange side, the spot trading volume of compliant centralized exchanges (CEX) grew by 16.3% in October, reaching $843 billion.

The Bitcoin ETF market has performed well, with a net inflow in October showing positive growth, amounting to approximately $5.3 billion. Especially on October 30, a certain ETF product set a new record for daily inflow at $872 million.

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

The open interest of the Chicago Mercantile Exchange's Bitcoin futures increased by 21.5%, reaching a historical high of $12.5 billion, with the average daily trading volume rising by 9.6% to about $5.3 billion. The average monthly trading volume of Ethereum futures grew to $488.8 billion, an increase of 4.8%.

The options market is also not to be outdone. 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 for Bitcoin options reached $54 billion, an increase of 39.8%; the trading volume for Ethereum options was $10.2 billion, an increase of 4.7%.

Overall, the crypto market showed a comprehensive rebound in October, with significant improvements in multiple indicators injecting new vitality into the industry.