In particular, we will see how on-chain volumes saw an important positive change last month,
CEX and NFT marketplaces also saw an increase in traders’ activities, which consequently led to an increase in volumes.
We then also briefly look at the situation for the bitcoin mining market, where the growth in activity on the network has brought a boost in miners’ earnings.
Finally, we also look at the latest trends related to the Ethereum network, which continues to burn through a lot of ETH after ‘EIP-1559 and at the same time consistently brings significant gains to beacon chain stakers.
Summary
Analysis of on-chain volumes and crypto trends for the month of October
During the past month of October we were able to observe strong overall growth in the crypto market, with Bitcoin driving the increase in all on-chain metrics and bringing new trends to the horizon.
October is known for historically being a bullish month for cryptocurrencies, so much so that it is allegorically referred to as “uptober” by the bitcoiners community.
The rise in market prices brought as its first effect the substantial increase in on-chain volumes with a 34.8% growth in “Total adjusted on-chain volume” that jumped up to the $196 billion level.
For BTC, the positive difference from September was 45.7%, while for ETH it was 20.1%
Whenever we observe a crypto rally like the one last October, centralized exchanges celebrate.
This is because the rise in prices also indirectly leads to an increase in trades on crypto trading platforms, with centralized traders collecting far more fees than average.
The uptrend in Bitcoin and Ethereum has driven CEX spot volume growth of 55.2% bringing the numbers to $291.2 billion in the past 30 days.
The market’s top two crypto assets have seen a surge in spot trading volumes on CEX roughly 80% since September.
After 2 years of continuous declines, here is this metric finally turning around.
Also very interesting to report is the recovery of the stablecoin market, where volumes on Ethereum are up slightly in October.
We can see how DAI has almost tripled in usage from 40 billion monthly volumes relative to September to the current 112 billion.
At the same time, USDT and USDC have also seen increased usage by users.
Despite the upward trend, however, we are still a long way from the stratospheric volumes recorded during the bull market of 2021.
As soon as we cross the $500 billion monthly threshold, we could say we are close to the heyday.
Currently, the numbers on Ethereum mark 390 billion dolars.
Other interesting October trends: bitcoin mining and Ethereum burn
Among other data and crypto trends for the month of October, it is deemed interesting to report one figure in particular related to Bitcoin mining activity.
With the growth in the value of the market’s first coin, which last month stunned all traders with +28.4% on the plate, even miners were stunned to see their earnings swell significantly.
Rising prices cause increased on-chain activity, which in turn translates into higher fees that network operators will collect.
In addition, the fact that BTC is more expensive guarantees miners higher earnings (dollar countervalue).
In October, miners earned a total of $885 million in BTC: this is an increase of a whopping 17.4% over September.
It should be noted that since the beginning of the year, this group of individuals has begun to record very high revenues, almost double those at the end of 2022.
In May we reached the annual top of this metric, with the boom in the BRC-20 token trend bringing a boost in network fees.
Now, however, it is not certain that in November or December we could not surpass May’s $912 million. It will, as always, be Bitcoin that decides for us.
Another very curious data point to report is that of Ethereum stakers’ revenue.
After the latest Shanghai update of the decentralized network opened the doors to withdrawals of ETHs blocked on the beacon chain, Ethereum has seen a further increase in the number of coins delegated by stakers.
In total, as of the end of October we can count a number equal to 27.89 million ETH producing yields to their respective holders.
Again, rising ETH prices have triggered a growth in earnings for stakers who took home an impressive $125 million last month.
Unfortunately, or fortunately if we view the following graph from the user experience perspective, we are still far from the numbers recorded during the congestion phases of 2018 and 2021. It would be nice to see a boom in Ethereum network operators’ revenues in the future but at the same time be able to use the chain without paying astronomical fees.
As stakers’ revenues return to acceptable levels after a long depressed phase, we see how since EIP-1559 was introduced into the Ethereum chain in August 2021, ETH has become stably deflationary.
Although with relatively low numbers, every day a small amount of ETH is burned contributing to a decrease in the number of coins brought to market by block production.
In the month of October, as many as 41,348 ETH were burned with a total countervalue of $70.3 million
