关键链上指标显示三月份市场活跃

3月份，加密市场出现较大调整，整体指标持续飙升，创出历史新高。链上交易量增长了 59.3%，其中以太坊交易量增幅最高。去中心化交易所蓬勃发展，Solana 成为模因币的中心。稳定币交易量激增，表明人们对 DeFi 的兴趣增加。本月加密货币交易激增，尤其是现货和期货市场。比特币矿工收入飙升，价值超过 5.43 亿美元的 ETH 被烧毁。值得注意的是，Grayscale 和 BlackRock 继续积累 BTC，而 Genesis 则出售大量 BTC 以偿还债务。

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

三月市场总结：关键链上指标和趋势

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月份以一系列的市场调整结束。在这份全面的链上分析中，我们深入研究了 The Block 编制的数据，以深入了解市场的近期轨迹。

On-Chain Market Indicators for March

3月份链上市场指标

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

3 月份，关键链上指标激增，其中多项指标创下历史新高。

• 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

调整后的链上总交易量飙升 59.3%，达到 5870 亿美元，其中 BTC 和 ETH 贡献显着，分别增长 59.5% 和 59.1%。随着资金流向替代品，去中心化交易所 (DEX) 继续增长，利用以太坊主导地位不断减弱的机会生态系统。 Solana 成为 WIF、BOME 和 SLERF 等模因币的中心。推出后，Base 的活动激增。 Uniswap on Base 日交易量达到 5.21 亿美元，锁定总价值（TVL）达到 10 亿美元。以太坊上新上市的代币比例下降至 2%，而 Solana 和 Base 分别占据了 43% 和 38% 的市场份额。 Base 作为 memecoin 中心的出现标志着一个重大转变。稳定币调整后的链上交易量增长了 41.3％，达到 8938 亿美元。流通量增长 6.2%，达到 1374 亿美元，USDT 和 USDC 分别保持 76.3% 和 19.7% 的主导市场份额。以太坊上的稳定币交易量达到 7451 亿美元，由于 DEX 活跃度上升，较上年有所下降。链上交易增长了 25%，反映出人们对 DeFi 的兴趣日益浓厚。 DAI 等知名稳定币价格暴涨，PYUSD、USDe、FDUSD 等新晋稳定币受到关注。 3 月份，加密货币交易掀起一波热潮，现货交易量达到 2.48 万亿美元，BTC 期货交易量达到 2.45 万亿美元。 ETH 期货交易量达到 1 万亿美元，BTC 期货持仓量达到 290 亿美元。 Binance 和 Coinbase International 等交易所在期货市场上竞争激烈，日交易量超过 6 万亿美元。 收入和代币动态

• 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

比特币矿工收入飙升 44.9%，达到创纪录的 20.1 亿美元，而 **ETH 质押收入**增长 44.5%，达到 3.093 亿美元。**3 月份总共销毁了 147,620 个 ETH，相当于 5.43 亿美元。** 2021 年 8 月上旬 EIP-1559 实施后，423 万 ETH（118.4 亿美元）被销毁。以太坊 NFT 市场月交易量下降 3.6% 至 7.26 亿美元。 现货交易动态

• 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）的现货交易量飙升 115.8%，达到 1.44 万亿美元，与 2022 年和 2023 年形成鲜明对比。币安在现货交易市场保持主导地位，占据 78.5% 的份额，其次是 Coinbase，占据 10.9%。 Kraken 为 3.4%，LMAX Digital 为 1.3%。BTC ETF 现货资金流向

• 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 亿美元）。iShares Bitcoin Trust（贝莱德）继续增持，目前持有量超过 257,281 BTC，价值 174.5 亿美元。近期 Grayscale GBTC 面临的巨大抛售压力归因于 Genesis 出售 32,000 BTC（21 亿美元）过去三周，由于其破产和需要赔偿 Gemini Earn 受害者。赎回的 BTC 被发送到 Arkham Intelligence 上标记的两个比特币钱包。Genesis 与 Gemini 达成和解，向估计 232,000 名受影响的用户偿还约 20 亿美元。 Genesis现已完成BTC销售。上周ARKB经历了两天非交易日和两天净流负值。 结论

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 月是加密货币市场的一个重要时期，其特点是链上交易量激增、DEX 和 memecoin 崛起、稳定币增长以及强劲的交易活动。 The Block 的数据为塑造市场的潜在趋势和动态提供了宝贵的见解。当我们应对不断变化的形势时，及时了解情况并监控关键指标以识别潜在的机会和风险仍然至关重要。