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In October, the crypto market experienced a comprehensive rebound, with Bitcoin trading volume rising by 32%.
October Crypto Market Review: Multiple Indicators Show Significant Rebound
In the past October, the cryptocurrency industry finally welcomed a rebound in most indicators. This article will comprehensively review the performance of the crypto market last month by analyzing key data.
On-chain transaction activity for Bitcoin and Ethereum showed strong growth in October. The adjusted total trading volume surged by 28.1%, reaching $420 billion. Among them, Bitcoin's increase was particularly notable, at 32.1%, while Ethereum also kept pace with a growth of 20.9%.
The stablecoin market also performed positively. On-chain transaction volume increased by 8%, reaching $899 billion. Although the total issuance slightly decreased to $149.3 billion, USDT and USDC still dominate the market, accounting for 79.5% and 16.9%, respectively.
Miners and stakers also benefited from this wave of increase. Bitcoin miners' income surged by 25.4%, reaching $1.02 billion. Ethereum staking income also reversed its downward trend, rising by 5.8% to $221.5 million.
The Ethereum network continues to implement its deflationary policy, destroying a total of 41,648 ETH in October, valued at approximately $105 million. Since the implementation of EIP-1559 in August 2021, a total of 4.43 million ETH has been destroyed, valued at around $12.5 billion.
The NFT market also shows signs of rebound, with the trading volume of NFTs on the Ethereum chain increasing significantly by 26.5%, reaching $121.6 million.
Traditional financial markets continue to show growing interest in crypto assets. The spot Bitcoin ETF saw a net inflow of $5.3 billion in October, with BlackRock's IBIT achieving a single-day inflow record of $872 million.
The derivatives market is also active. The open interest of Bitcoin futures increased by 22.9%, while the open interest of Ethereum futures grew by 14.6%. In terms of trading volume, Bitcoin futures rose by 12.1% to $1.25 trillion, and Ethereum futures increased by 4.8%.
The Bitcoin futures market of the Chicago Mercantile Exchange has performed particularly well, with open interest increasing by 21.5% to $12.5 billion, setting a new historical high. The average daily trading volume also rose by 9.6%, reaching approximately $5.3 billion.
The options market also shows a positive trend. The open interest of Bitcoin options surged by 35.76%, with trading volume increasing by 39.8% to $54 billion. The Ethereum options market remained relatively stable, with trading volume slightly increasing by 4.7% to $10.2 billion.
Overall, several key indicators in the crypto market showed an upward trend in October, indicating that the industry is gradually regaining vitality. The recovery of investor confidence and the increase in institutional participation have injected new momentum into the future development of the market.