The cryptocurrency market in April painted a mixed picture—while stablecoin transaction volume hit record highs, broader metrics like trading activity, derivatives positions, and mining revenues showed signs of cooling. Drawing insights from data compiled by The Block’s research lead Lars, this article breaks down the key developments across 11 revealing charts, offering a comprehensive look at market dynamics last month.
From shifting exchange dominance to declining on-chain activity, the data reflects a period of consolidation after previous momentum. Let’s dive into the numbers.
Stablecoins Shine Amid Broader Market Pullback
Despite an overall downturn in crypto activity, stablecoin transactions stood out in April. The adjusted on-chain transaction value surged 23.7%, reaching an all-time high of $1.1 trillion. This growth signals continued demand for digital dollar equivalents, likely driven by cross-border transfers, trading activity, and risk-off behavior during volatile periods.
At the same time, the total supply of issued stablecoins increased by 2.8%, hitting $141.2 billion. Notably, USDT (Tether) strengthened its market leadership, capturing 77.83% of the stablecoin market share. Meanwhile, USDC saw a slight decline to 18.1%, reflecting ongoing shifts in issuer trust and institutional preferences.
👉 Discover how stablecoin dominance influences market liquidity and where traders are moving next.
On-Chain Activity Contracts Across Major Blockchains
While stablecoins thrived, overall blockchain transaction volumes declined significantly.
- Bitcoin and Ethereum combined saw a 30.5% drop in adjusted on-chain transaction value, falling to $408 billion.
- Bitcoin-specific activity dropped 30.85%, while Ethereum’s fell 30.2%, indicating reduced user engagement or fewer large transfers.
- Ethereum NFT markets were hit particularly hard, with trading volume plummeting 34.5% to approximately $476 million, suggesting waning retail interest or profit-taking after earlier rallies.
These figures point to a temporary lull in speculative activity, possibly due to macroeconomic uncertainty or investor caution following Bitcoin’s retreat from March highs.
Centralized Exchanges See Sharp Drop in Spot Volume
The decline wasn’t limited to on-chain metrics—centralized exchanges also experienced shrinking spot trading volumes.
In April, compliant CEX platforms recorded $888 billion in spot trading volume, a sharp 38.4% decrease from the previous month. This contraction may reflect reduced volatility, lower leverage usage, or traders shifting focus to other asset classes.
However, market share concentration continued to rise:
- Binance: now holds 78.7% of global spot market share—an increase from earlier quarters.
- Coinbase: retained second place with 10.1%.
- Kraken: claimed 3.7%, followed by LMAX Digital at 2.2%.
This growing centralization underscores Binance’s resilience despite regulatory pressures, highlighting its deep liquidity and global user base.
👉 Explore how exchange market share impacts price discovery and trading efficiency.
Derivatives Markets Cool Off: Futures Positions Decline
Derivatives activity also softened in April, signaling reduced bullish sentiment or risk appetite.
Bitcoin Futures
- Open interest dropped 1.6%, indicating fewer active long or short positions.
- Monthly futures trading volume fell 21.38% to $1.59 trillion, reflecting lower leverage-driven speculation.
Ethereum Futures
- ETH futures open interest declined more sharply—down 17.7%.
- Monthly trading volume dropped 22.6%, settling at $691 billion.
Even traditional finance gateways like CME Group saw pullbacks:
- CME Bitcoin futures open interest decreased 23.7% to $890 million.
- Daily average volume plunged 30.1% to around $480 million, suggesting institutional players pulled back amid uncertainty.
Despite these declines, one area defied the trend: options markets.
Options Volume Hits Record Highs
While futures cooled, crypto options trading reached new peaks in April:
- Bitcoin options trading volume hit a record $47.3 billion, up 1.2%.
- Ethereum options volume soared 25.4% to $26.32 billion, marking another all-time high.
Interestingly, open interest declined for both assets—down 15.5% for BTC and 7.1% for ETH—indicating that traders are actively closing positions rather than building them, possibly locking in profits or hedging against downside risk.
This divergence suggests a maturing derivatives ecosystem where sophisticated strategies are increasingly common—even during market pauses.
Mining and Staking Revenues Decline
April brought tougher conditions for miners and validators alike.
Bitcoin Mining
- Miner revenue dropped 11.3% to $178 million, likely due to lower transaction fees and reduced hash price efficiency.
- With Bitcoin’s price correction post-March halving, some less efficient miners may have exited or reduced operations.
Ethereum Staking
- Staking rewards fell 16.9% to $257 million, continuing a trend of declining yields post-Shanghai upgrade.
- The network also burned 54,640 ETH (~$179 million) in April through EIP-1559 fee mechanisms.
- Since the protocol upgrade launched in August 2021, Ethereum has now destroyed over 4.78 million ETH, worth roughly $12.02 billion, reinforcing its deflationary pressure during active usage periods.
These figures highlight how protocol-level economics continue to shape long-term value accrual—even as short-term income for participants declines.
Frequently Asked Questions (FAQ)
Q: Why did stablecoin transaction volume rise while other metrics fell?
A: Stablecoins often see increased usage during uncertain markets as users move funds between exchanges or hedge against volatility. Their rise suggests active capital movement even amid reduced speculation.
Q: What does declining futures open interest mean for Bitcoin’s price outlook?
A: Lower open interest typically indicates reduced leverage and speculative positioning, which can precede either consolidation or a potential breakout once new positions build up again.
Q: Is Binance’s growing market share sustainable under regulatory scrutiny?
A: Despite challenges, Binance maintains strong liquidity and global reach. However, increasing regulations could pressure its dominance in specific jurisdictions over time.
Q: Why are options volumes rising while open interest falls?
A: Rising volume with falling open interest suggests traders are actively closing or rolling over positions—common behavior when adjusting hedges or taking profits after price movements.
Q: How does Ethereum’s burn mechanism affect supply over time?
A: EIP-1559 burns base fees, making ETH deflationary during high network usage. Over time, this reduces circulating supply and may support long-term price appreciation if demand remains steady.
Q: What do falling mining revenues indicate about network health?
A: Short-term drops can follow price corrections or halvings. However, sustained low revenues may lead to hash rate declines if inefficient miners exit—though current levels remain above critical thresholds.
Final Thoughts
April was a month of contrasts in the crypto market. While stablecoins and options markets demonstrated strength and maturity, broader metrics—from spot trading to mining revenues—showed contraction. Binance solidified its dominance in spot trading, while derivatives markets entered a phase of deleveraging.
For investors, this environment suggests caution but not pessimism. Periods of consolidation often precede renewed momentum, especially as macroeconomic factors evolve and institutional adoption continues.
Understanding these nuanced trends—through data, not hype—is key to navigating the next phase of the cycle.
Core Keywords: stablecoin transaction volume, Bitcoin futures open interest, Ethereum staking revenue, Binance market share, crypto mining income, EIP-1559 burn, derivatives trading volume.