The total adjusted on-chain volume for the leading two crypto assets, Bitcoin and Ethereum, decreased by 6.3% to $176 billion in August. Bitcoin volumes fell by 6.7% and Ethereum by 5.7%, marking the fifth month of declines since March. On-chain volumes are down 56% from the same month last year.Stablecoin adjusted on-chain volume increased by 6.8% to $520.9 billion, though this metric is down around 35% from March figures. Issued stablecoin supply contracted by 2.2% to $115.1 billion in August.Bitcoin miner revenue decreased by 6.8% to $805 million, while Ethereum staking revenue dropped by 7.5% to $130 million in August. Monthly NFT marketplace volume on Ethereum declined by 8% to $391 million. Centralized exchange spot volume fell by 2.8% to $261.6 billion, the lowest volume since October 2020.Futures Open Interest, or the number of outstanding contracts yet to be settled, fell 14% for Bitcoin and 18% for Ethereum contracts. Moreover, BTC monthly futures volume decreased by 5.4% to $603 billion, and ETH futures monthly volume fell by 15.5% to $264 billion.Crypto investor and Ethereum educator Anthony Sassano remained bullish, saying that late-stage crypto crab markets are worse than the bear market for most people. He added that this is usually when the bull returns.Crypto markets returned to their state of inactivity over the weekend, with total capitalization hovering around just below $1.1 trillion. BTC is currently trading up 0.5% on the day at just under $26,000, following an intraday low of $25,800. Ethereum remains flat on the day at $1,638 at the time of writing.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Anthony Sassano |
| Companies | Circle, Tether, Binance, Coinbase, Kraken |
| Currencies | Tether, Stablecoin, USD Coin, Ethereum, Bitcoin |
| Securities | None |
