According to CryptoPotato, the total adjusted on-chain volume for Bitcoin and Ethereum decreased by 6.3% to $176 billion in August. Bitcoin volumes fell by 6.7% and Ethereum by 5.7% for the month, as reported by research from The Block. This marks the fifth consecutive month of declines since March, with on-chain volumes down 56% from the same month last year.

Despite the overall decline, the adjusted on-chain volume of stablecoins increased by 6.8% to $520.9 billion. However, this metric is down around 35% from March figures. Issued stablecoin supply contracted by 2.2% to $115.1 billion in August, with Tether (USDT) and Circle (USDC) increasing their market shares marginally.

Crypto revenues also experienced a decline, with Bitcoin miner revenue decreasing by 6.8% to $805 million and Ethereum staking revenue dropping by 7.5% to $130 million in August. Monthly NFT marketplace volume on Ethereum declined by 8% to $391 million as secondary sales dwindled. Centralized exchange spot volume fell by 2.8% to $261.6 billion, the lowest volume since October 2020.

Crypto derivatives trading also declined in August, with Futures Open Interest falling 14% for Bitcoin and 18% for Ethereum contracts. BTC monthly futures volume decreased by 5.4% to $603 billion, and ETH futures monthly volume fell by 15.5% to $264 billion. Historically, September has seen more declines than gains in the crypto market.

Despite the recent downturn, crypto investor and Ethereum educator Anthony Sassano remains optimistic, stating that late-stage crypto crab markets are worse than bear markets for most people and that this phase is usually when the bull returns. As of now, the total crypto market capitalization hovers just below $1.1 trillion, with BTC trading up 0.5% on the day at just under $26,000 and Ethereum remaining flat at $1,638.