11 pictures interpreting the crypto market in February: the market maintains growth, and indicators on multiple chains continue to rise

Compiled by: Jordan, PANews

The market continued its growth trend in February 2024 after the US spot Bitcoin ETF was approved for listing, with most crypto industry indicators showing an upward trend. This article will analyze the encryption market conditions in the past month through 11 charts.

Bitcoin and Ethereum experienced adjustments in January and February, resulting in an overall increase of 3.2% in total on-chain transaction volume, reaching $369 billion. Specifically, Bitcoin’s on-chain transaction volume fell slightly by 0.6%, while Ethereum’s on-chain transaction volume increased by a staggering 9.2%.

2. The adjusted transaction volume on the stablecoin chain dropped significantly in February, falling to US$632.4 billion, a decrease of 14.8%; the supply of issued stablecoins The scale has increased, with an increase of 2.9% to US$129.4 billion, of which the market share of the US dollar stable currency USDT accounted for 76% (a decline after five consecutive months of increases), while the market share of USDC rose slightly to 19.2%.

#Bitcoin miner revenue increased to $1.39 billion in February, an increase of 3.2%. At the same time, Ethereum staking revenue has also grown significantly, with a growth rate of approximately 14.3%, reaching $214 million.

4. In February, a total of 110,898 ETH were destroyed on the Ethereum network, with a value equivalent to US$311 million. Data shows that since the implementation of EIP-1559 in early August 2021, Ethereum has destroyed a total of approximately 4.08 million ETH, worth approximately US$11.29 billion.

5. In February, the transaction volume of the NFT market on the Ethereum chain dropped by 9.1%, reaching approximately US$753.1 million.

6. The spot trading volume of compliance centralized exchanges (CEX) continued to show an upward trend in February, with an increase of approximately 6.4%, rising to US$668.5 billion.

7. The spot market share rankings of major cryptocurrency exchanges in February are as follows: Binance is 75.7% (increased from January), Coinbase is 10.9% , Kraken is 4.4%, and LMAX Digital is 2.1%.

8. In terms of crypto futures, the open interest in Bitcoin futures increased sharply by 45.9% in February, and the open interest in Ethereum futures increased by 38.8%; in futures In terms of trading volume, Bitcoin futures trading volume increased by 1.5% in February to $1.12 trillion.

9. In February, open interest in CME Group Bitcoin futures increased by 54.7%, hitting a record high, rising to US$7.8 billion, but the average daily trading volume ( daily avg volume) fell 7.4% to approximately $3.18 billion.

10. The average monthly trading volume of Ethereum futures in February rose to US$555 billion, an increase of 8.6%.

11. In terms of cryptocurrency options, open interest in Bitcoin options rose sharply by 80.8% in February, setting a record high; while Ethereum open interest also increased, An increase of 48.5%. In addition, in terms of Bitcoin and Ethereum options trading volume, Bitcoin options trading volume fell by 1% in February to US$39.47 billion; Ethereum options trading volume fell by 5.4% to US$16.98 billion.

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