關鍵鏈上指標顯示三月市場活躍

3月份，加密市場出現較大調整，整體指標持續飆升，創出歷史新高。鏈上交易量成長了 59.3%，其中以太坊交易量增幅最高。去中心化交易所蓬勃發展，Solana 成為迷因幣的中心。穩定幣交易量激增，顯示人們對 DeFi 的興趣增加。本月加密貨幣交易激增，尤其是現貨和期貨市場。比特幣礦工收入飆升，價值超過 5.43 億美元的 ETH 被燒毀。值得注意的是，Grayscale 和 BlackRock 繼續累積 BTC，而 Genesis 則出售大量 BTC 以償還債務。

March Market Wrap-Up: Key On-Chain Metrics and Trends

三月市場總結：關鍵鏈上指標與趨勢

March concluded with a flurry of market adjustments. In this comprehensive on-chain analysis, we delve into data compiled by The Block to gain insights into the market's recent trajectory.

3月份以一系列的市場調整結束。在這份全面的鏈上分析中，我們深入研究了 The Block 編制的數據，以深入了解市場的近期軌跡。

On-Chain Market Indicators for March

3月鏈上市場指標

March witnessed a surge in key on-chain metrics, with several reaching new all-time highs.

3 月份，關鍵鏈上指標激增，其中多項指標創下歷史新高。

• Total adjusted on-chain volume surged by 59.3% to $587 billion, with BTC and ETH contributing significantly with increases of 59.5% and 59.1%, respectively.
• Decentralized exchanges (DEXs) continued their growth, capitalizing on Ethereum's diminishing dominance as funds flowed towards alternative ecosystems. Solana emerged as a hub for memecoins like WIF, BOME, and SLERF.
• Following its launch, Base saw a surge in activity. Uniswap on Base achieved a daily trading volume of $521 million and a total value locked (TVL) of $1 billion. The proportion of new tokens listed on Ethereum dropped to 2%, while Solana and Base captured 43% and 38% of the market share, respectively. Base's emergence as a memecoin hub marked a significant shift.
• Stablecoin adjusted on-chain volume increased by 41.3% to $893.8 billion. Circulating supply grew by 6.2% to $137.4 billion, with USDT and USDC maintaining a dominant market share of 76.3% and 19.7%, respectively.
• Stablecoin trading volume on Ethereum reached $745.1 billion, a decrease compared to the previous year amid rising activity on DEXs. On-chain transactions increased by 25%, reflecting growing interest in DeFi. Notable stablecoins like DAI experienced a surge, while new entrants such as PYUSD, USDe, and FDUSD gained attention.
• March witnessed a significant wave of crypto trading, with spot trading volume hitting $2.48 trillion and BTC futures volume reaching $2.45 trillion. ETH futures volume stood at $1 trillion, and BTC futures open interest reached $29 billion. Exchanges like Binance and Coinbase International saw intense competition in the futures market, contributing over $6 trillion in daily trading volume.

Revenue and Token Dynamics

調整後的鏈上總交易量飆升59.3%，達到5870 億美元，其中BTC 和ETH 貢獻顯著，分別增長59.5% 和59.1%。隨著資金流向替代品，去中心化交易所(DEX) 繼續增長，利用以太坊主導地位不斷減弱的機會生態系統。 Solana 成為 WIF、BOME 和 SLERF 等迷因幣的中心。推出後，Base 的活動激增。 Uniswap on Base 日交易量達到 5.21 億美元，鎖定總價值（TVL）達到 10 億美元。以太坊上新上市的代幣比例下降至 2%，而 Solana 和 Base 分別佔了 43% 和 38% 的市佔率。 Base 作為 memecoin 中心的出現標誌著一個重大轉變。穩定幣調整後的鏈上交易量增長了 41.3％，達到 8938 億美元。流通量成長6.2%，達到1,374 億美元，USDT 和USDC 分別維持76.3% 和19.7% 的主導市場份額。以太坊上的穩定幣交易量達到7,451 億美元，由於DEX 活躍度上升，較前一年有所下降。鏈上交易成長了 25%，反映出人們對 DeFi 的興趣日益濃厚。 DAI 等知名穩定幣價格暴漲，PYUSD、USDe、FDUSD 等新晉穩定幣受到關注。3 月份，加密貨幣交易掀起一波熱潮，現貨交易量達到2.48 兆美元，BTC 期貨交易量達到2.45 兆美元。 ETH 期貨交易量達 1 兆美元，BTC 期貨持倉量達到 290 億美元。 Binance 和 Coinbase International 等交易所在期貨市場上競爭激烈，日交易量超過 6 兆美元。營收和代幣動態

• Bitcoin miner revenue surged by 44.9% to a record $2.01 billion, while **ETH staking revenue** rose by 44.5% to $309.3 million.
• **A total of 147,620 ETH, equivalent to $543 million, was burned during March.** Since the implementation of EIP-1559 in early August 2021, 4.23 million ETH, or $11.84 billion, has been destroyed.
• Monthly trading volume on Ethereum NFT marketplaces declined by 3.6% to $726 million.

Spot Trading Developments

比特幣礦工收入飆升44.9%，達到創紀錄的20.1 億美元，而**ETH 質押收入**增長44.5%，達到3.093 億美元。**3 月份總共銷毀了147,620 個ETH，相當於5.43 億美元。 ** 2021 年 8 月初 EIP-1559 實施後，423 萬 ETH（118.4 億美元）被銷毀。以太坊 NFT 市場月交易量下降 3.6% 至 7.26 億美元。現貨交易動態

• Spot trading volume on centralized exchanges (CEXs) soared by 115.8% to $1.44 trillion, showcasing a marked contrast between 2022 and 2023.
• Binance maintained its dominance in the spot trading market, capturing 78.5% of the share, followed by Coinbase with 10.9%, Kraken with 3.4%, and LMAX Digital with 1.3%.

BTC ETF Spot Fund Flows

中心化交易所（CEX）的現貨交易量飆升115.8%，達到1.44 兆美元，與2022 年和2023 年形成鮮明對比。幣安在現貨交易市場保持主導地位，佔78.5% 的份額，其次是Coinbase ，佔10.9%。Kraken 為 3.4%，LMAX Digital 為 1.3%。BTC ETF 現貨資金流向

• Grayscale currently holds 329,565 BTC ($22.35 billion).
• iShares Bitcoin Trust (BlackRock) continued its accumulation, with holdings now exceeding 257,281 BTC, valued at $17.45 billion.
• Recent heavy selling pressure on Grayscale's GBTC was attributed to Genesis selling 32,000 BTC ($2.1 billion) over the past three weeks due to its bankruptcy and the need to compensate Gemini Earn victims. The redeemed BTC was sent to two Bitcoin wallets labeled on Arkham Intelligence.
• Genesis settled with Gemini to repay approximately $2 billion to an estimated 232,000 affected users. Genesis has since completed its BTC sales.
• ARKB experienced two non-trading days and two days with negative netflow this past week.

Conclusion

Grayscale 目前持有329,565 BTC（223.5 億美元）。iShares Bitcoin Trust（貝萊德）繼續增持，目前持有量超過257,281 BTC，價值174.5 億美元。近期Grayscale GBTC 面臨的巨大拋售壓力歸因於Genesis 出售32,000 BTC（21 億美元）過去三週，由於其破產和需要賠償 Gemini Earn 受害者。贖回的 BTC 被發送到 Arkham Intelligence 上標記的兩個比特幣錢包。Genesis 與 Gemini 達成和解，向估計 232,000 名受影響的用戶償還約 20 億美元。 Genesis現已完成 BTC銷售。上週ARKB經歷了兩天非交易日和兩天淨流負值。結論

March 2023 marked a significant period for the cryptocurrency market, characterized by surging on-chain volumes, the rise of DEXs and memecoins, stablecoin growth, and robust trading activity. The data from The Block provides valuable insights into the underlying trends and dynamics shaping the market. As we navigate the ever-evolving landscape, it remains crucial to stay informed and monitor key metrics to identify potential opportunities and risks.

2023 年 3 月是加密貨幣市場的一個重要時期，其特點是鏈上交易量激增、DEX 和 memecoin 崛起、穩定幣成長以及強勁的交易活動。 The Block 的數據為塑造市場的潛在趨勢和動態提供了寶貴的見解。當我們應對不斷變化的情況時，及時了解情況並監控關鍵指標以識別潛在的機會和風險仍然至關重要。