Data: On-chain trading volume of stablecoins fell by 10.5% in January, and legal CEX spot trading volume fell by 18.2%.

According to a post published by The Block Chief Research Officer @lars0x, the January 2025 crypto market saw several indicators hit all-time highs, with adjusted total on-chain volume falling 10.5% to $600 billion (BTC: -4.4%, ETH: -23%). Adjusted stablecoin on-chain volume fell 6.3% to $1.32 trillion, and issuance supply increased 3.1% to a new high of $175.20 billion, with USDT accounting for 78% and USDC 19.6%.
BTC miner revenue decreased 2.8% to $1.40 billion in January, while ETH pledger revenue decreased 9.7% to $309 million. A total of 33,906 ETH, equivalent to $113.20 million, was destroyed in January. Since the implementation of EIP-1559 in early August 2021, a total of 4.56 million ETH, equivalent to $12.90 billion, has been destroyed. Monthly NFT market volume on Ethereum decreased 41.3% to $519.20 million.
January legal CEX spot volume fell 18.2% to $1.65 trillion, with monthly net flow of + 4.90 billion for all BTC spot ETFs. Bitcoin futures unpositioned squaring contracts increased 6% and Ethereum futures unpositioned squaring contracts increased 1% to a new high. BTC monthly futures volume fell 5.9% to $1.84 trillion. CME Bitcoin futures unpositioned squaring contracts increased 3% to a new high of $18.20 billion (daily average volume increased 1.3% to $10.27 billion, another new high). ETH futures monthly volume decreased 20.7% to $817 billion. Bitcoin options unpositioned squaring contracts increased 61%; Ethereum options unpositioned squaring contracts increased 30%. BTC monthly options volume increased 12% to $89 billion, and ETH monthly options volume decreased 16.2% to $19.40 billion.