August was a particularly quiet month on crypto markets with volumes and activity falling and September is likely to be a repeat.
Nevertheless, the adjusted on-chain volume of stablecoins increased by 6.8% to $520.9 billion, according to the research. However, this metric is down around 35% from March figures.
Issued stablecoin supply contracted by 2.2% to $115.1 billion in August. Tether and Circle increased their market shares marginally. Crypto revenues also declined, according to the data. Bitcoin miner revenue decreased by 6.8% to $805 million, while EthereumMonthly NFT marketplace volume on Ethereum declined by 8% to $391 million as secondary sales dwindled.
Also in retracement was centralized exchange spot volume which fell by 2.8% to $261.6 billion, the lowest volume since October 2020. Binance remains the market leader despite regulatory pressure, with a 73.4% share. Coinbase is second with 10.2%, followed by Kraken at 5.3%, according to The Block. Crypto derivatives trading was also in decline for the month. Futures Open Interest, or the number of outstanding contracts yet to be settled, fell 14% for Bitcoin and 18% for Ethereum contracts. Moreover, BTC monthly futures volume decreased by 5.4% to $603 billion, and ETH futures monthly volume fell by 15.5% to $264 billion.However, crypto investor and Ethereum educator Anthony Sassano remained bullish.
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