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<p class="is-style-lead">The crypto market experienced a month of widespread corrections, adjustments, slow NFT marketplace activities, and more, in the month of May, according to on-chain data released by The Block.&nbsp;</p>



<h2 class="wp-block-heading" id="a-bearish-may">A bearish May&nbsp;</h2>



<p>In a recent tweet, Lars H., the research director at The Block, shed light on the performance of the crypto markets in the past month. The data reveals a mostly corrective phase, marked by fluctuations in on-chain volumes, stablecoin supply, miner revenue, NFT marketplace activity, and trading volumes across various platforms.</p>



<p>Per the researchers, total adjusted on-chain volume experienced a decline of 5.3%, amounting to $196 billion. Notably, bitcoin (<a href="https://crypto.news/bitcoin-price/">BTC</a>) witnessed a significant decrease of 13.3% in on-chain volume, while ethereum (<a href="https://crypto.news/price/ethereum/">ETH</a>) managed a modest increase of 3.2%.</p>



<p>The adjusted on-chain volume of <a href="https://crypto.news/eu-raises-alarm-over-potential-bank-threats-posed-by-stablecoins/">stablecoins</a> also decreased, dropping by 4.2% to $464.6 billion.&nbsp;</p>



<p>Additionally, the issued supply of stablecoins contracted by 1.4% to $122.4 billion. Among them, <a href="https://crypto.news/tether-treasury-mints-1b-usdt-on-ethereum-network/">tether (USDT)</a> saw its market share rise to 68.2% and achieved an all-time high supply of $83.5 billion, whereas, <a href="https://crypto.news/circle-rebalances-treasury-holdings-amid-us-debt-default-concerns/">Circle</a>’s&nbsp; USD coin (USDC) experienced a 22.2%&nbsp; decrease in market share.</p>



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<p></p>



<p>In the bitcoin mining space, miners had a&nbsp; lucrative May, as revenue increased by 13.7% to reach $916.6 million. However, ethereum stakers faced a decline in revenue, witnessing a significant drop of 34.5% to $157.2 million.</p>



<p>In May, a total of 204,576 ETH, equivalent to $380.1 million, was burned. This ongoing deflationary trend has been in effect since January 2023.&nbsp;</p>



<p>On-chain data also shows that since the implementation of Ethereum Improvement Proposal 1559 (EIP-1559) in August 2021, a remarkable 3.36 million ETH, worth approximately $9.76 billion, has been burned.</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">1/13 May summary 🧵 <br><br>Overall a mostly corrective month.<br><br>Total adjusted on-chain volume decreased by 5.3% to $196B (BTC: -13.3%, ETH +3.2%): <a href="https://t.co/4ZdzwDr02Q" target="_blank">pic.twitter.com/4ZdzwDr02Q</a></p>&mdash; Lars (@lars0x) <a href="https://twitter.com/lars0x/status/1664263012188864513?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 1, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Ethereum-based <a href="https://crypto.news/nft-market-is-holding-up-well-in-2023/">NFT</a> marketplaces experienced a significant setback in May, with a decline of 48.7% in monthly volume, totaling $652 million. Surprisingly, a relatively new player named <a href="https://crypto.news/hackers-steal-13-nfts-on-blur-as-global-sales-rise/">Blur </a>managed to surpass OpenSea in market share for the <a href="https://crypto.news/blur-dominates-flips-opensea-despite-falling-nft-trading-volumes/">fourth consecutive month</a>. The shift in dominance can be attributed primarily to the BLUR token incentives offered by the platform.</p>



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<p>Moving on to centralized exchanges (CEXs), legitimate spot volume faced a decline of 23.2%, hitting the lowest level since November 2020. Notable players in this space include <a href="https://crypto.news/binance-responds-to-layoff-rumors-denies-20-staff-cut/">Binance</a> with a dominant market share of 71%, followed by Brian Armstrong’s <a href="https://crypto.news/former-coinbase-employees-settle-insider-trading-case-with-sec/">Coinbase</a> at 8.7%, BTSE at 5.1%, and Kraken at 4.5%.</p>



<p>Grayscale Bitcoin Trust (<a href="https://crypto.news/bernstein-says-grayscale-bitcoin-trust-gbtc-is-secure-incase-genesis-global-falls/">GBTC</a>), experienced a significant drop in daily average volume, declining by 38.2% to $26 million, marking its lowest level since December 2019.&nbsp;</p>



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<h2 class="wp-block-heading" id="open-interest-in-btc-futures-decline">Open interest in BTC futures decline</h2>



<p>Turning to futures trading, open interest in bitcoin futures witnessed a slight increase of 2.9%, while Ethereum futures saw a more significant rise of 5.7%. However, the monthly futures volume for BTC decreased by 15.3% to $778.5 billion.</p>



<p>In the regulated futures market, the Chicago Mercantile Exchange (CME) reported an 8.4% decline in open interest for bitcoin futures, amounting to $1.85 billion. Additionally, the daily average volume experienced a drop of 30.1% to $1.22 billion.</p>



<p>For <a href="https://crypto.news/price/ethereum/">ETH</a> futures, the monthly volume declined by 24.3% to $408 billion, indicating a decrease in trading activity for ethereum futures contracts.</p>



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<p>In the options market, open interest for BTC options experienced a decrease of 10.6%, while ETH options saw a modest increase of 5.6%. However, trading volumes for both BTC and ETH options declined. Specifically, BTC monthly options volume decreased by 12% to $16.8 billion, while ETH options volume dropped by 8.5% to $10.7 billion.</p>



<p>The data offers valuable insights into the performance of the crypto market over the past month, revealing a market undergoing a corrective phase, characterized by fluctuations and adjustments across various metrics.</p>



<p>One notable trend is the decrease in on-chain volumes, with BTC experiencing a significant decline of 13.3%. This suggests a slowdown in transactional activity on the bitcoin network during the period under review. Conversely, ETH managed a slight increase of 3.2%, indicating a relatively more resilient performance in terms of on-chain transactions.</p>



<p>Stablecoins, which play a crucial role in the crypto ecosystem, also witnessed a decrease in on-chain volume. The overall supply of stablecoins contracted by 1.4%, indicating a reduction in their circulation within the market.&nbsp;</p>



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Data says crypto markets corrected in May, NFT market slow

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