Read Our New Project Report About Bitcoin (BTC) - The World's Largest Cryptocurrency

Monthly Market Insights - May 2023

Binance Research (JieXuan Chua, CFA, Shivam Sharma, Colin Chan, Mac Naggar)


  • Crypto markets had a strong run after the Shapella upgrade on Ethereum. We note the impressive rallies experienced by the majors in the immediate aftermath as BTC and ETH soared to new highs for the year. Nonetheless, prices continued to see-saw through the month, especially with the recent rumors and false alerts over the US government selling a large amount of Bitcoin. Fortunately, these were quickly absorbed, leaving the market positioning ahead of another possible interest rate hike in May’s FOMC.

  • For the first time, validators can now withdraw staked ETH from the Beacon Chain after the long-awaited Shapella upgrade on Ethereum was implemented on April 12. There has not been a rush for the exit, and withdrawals from the Beacon chain have been reasonably paced so far.

  • April marks the third consecutive month in which creators on Blur have received more royalties than creators on OpenSea. NFT volume on Blur continues to exceed that on OpenSea.

  • Venture capital firms invested US$2.4B into crypto-focused companies in Q1 2023, the lowest amount since 2020. However, on a more positive note, the number of deals has picked up in Q1, with pre-seed deals driving most of this growth.

  • Average Ethereum transaction fees surged in April and recorded a high not seen since June 2022. This surge was largely driven by transactions related to meme coins.


Please feel free to share with us any feedback or suggestions you may have via this form

About Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.

General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, cryptocurrencies or to adopt any investment strategy. The opinions expressed are as of the date shown above and are the opinions of the writer, they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ’forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies or any investment strategy nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.