In August, the total adjusted on-chain
#volume for Bitcoin and Ethereum decreased by 6.3% to $176 billion,
#marking the fifth consecutive month of declines since March. Here are some key points:
1. Bitcoin volumes fell by 6.7% in August, while Ethereum volumes decreased by 5.7%. On-chain volumes are down 56% from the same month last year.
2. In contrast, the adjusted on-chain volume of stablecoins increased by 6.8% to $520.9 billion, although it remains down around 35% from March figures.
3. Issued stablecoin supply contracted by 2.2% to $115.1 billion in August, with Tether (USDT) and Circle (USDC) slightly increasing their market shares.
4. Bitcoin miner revenue decreased by 6.8% to $805 million in August, and Ethereum staking revenue dropped by 7.5% to $130 million.
5. Monthly NFT marketplace volume on Ethereum declined by 8% to $391 million, primarily due to decreased secondary sales.
6. Centralized exchange spot volume fell by 2.8% to $261.6 billion, reaching its lowest level since October 2020.
7. Crypto derivatives trading also
#saw declines, with open interest falling for Bitcoin and Ethereum contracts by 14% and 18%, respectively.
8. Despite the recent downturn, some in the
#crypto community, like Ethereum educator Anthony Sassano, remain optimistic, suggesting that late-stage "crypto crab" markets often precede bull market returns.
As of the report, the total crypto
#market capitalization is just below $1.1 trillion, with Bitcoin trading around $26,000 and Ethereum at $1,638. Historically, September has seen mixed results in the crypto market.
$BTC $ETH $BNB