May On-Chain Data Review: On-chain transaction volume decreased by 5.3% after adjustments, and Bitcoin miner revenue increased by 13.7%.

Overall, May was a correctional month. Lars, the research director of The Block, reviewed the on-chain data for May using The Block’s data dashboard, including on-chain transaction volume, stablecoins, monthly NFT market trading volume on Ethereum, and CEX spot trading volume.

After the adjustment in May, the total on-chain transaction volume decreased by 5.3% to $196 billion, and the adjusted stablecoin on-chain transaction volume decreased by 4.2% to $464.6 billion. The issued supply also shrank by 1.4% to $122.4 billion, with USDC market share rising to 68.2% and USDT market share dropping to 22.2%. In addition, Bitcoin miner revenue increased by 13.7% to $916.6 million, while Ethereum miner revenue decreased by 34.5% to $157.2 million in May.

In May, a total of 204,576 ETH were burned, equivalent to approximately $380.1 million. Since January 2023, ETH has been in a deflationary state, and since the implementation of EIP-1559 in August 2021, a total of 3.36 million ETH has been burned, equivalent to $9.76 billion. In May, the monthly NFT market transaction volume on Ethereum decreased by 48.7% to $652 million.

CEX spot trading volume in May decreased by 23.3% to $307.4 billion, the lowest level since November 2020. In terms of market share, Binance accounted for 71%, Coinbase for 8.7%, BTSE for 5.1%, and Kraken for 4.5%. GBTC’s daily trading volume also decreased by 38.2% to $26 million, the lowest level since December 2019. In addition, CME Bitcoin futures open interest decreased by 8.4% to $1.85 billion, while ETH futures monthly trading volume decreased by 24.3% to $40.8 billion in May.


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