Analyst Highlights Growth in On-Chain Metrics for Bitcoin and Ethereum

A researcher from The Block, known by the pseudonym Lars, has shared a series of posts on X illustrating the growth of network metrics for stablecoins, the two most capitalized cryptocurrencies, NFTs, and other key market segments.

Last month, the adjusted volume of on-chain value transferred in the Bitcoin and Ethereum networks increased by 28.1% to $420 billion.

1/12 October summary ?

Most metrics increased.

Total adjusted on-chain volume increased by 28.1% to $420B (BTC: +32.1%, ETH +20.9%): pic.twitter.com/Y2kK1XEayw

— Lars (@lars0x) November 4, 2024

In October, the metric for the first cryptocurrency increased by 32.1%, while Ethereum rose by 20.9%.

Stablecoins

The adjusted transaction volume of major stablecoins grew by 8% in October to $899 billion.

2/12 Adjusted on-chain volume of stablecoins increased by 8% to $899B; Issued supply decreased by 0.7% to $149.3B, with USDT at 79.5% and USDC at 16.9% respective market share: pic.twitter.com/XjCvONZwvG

— Lars (@lars0x) November 4, 2024

USDT’s share in the segment was 79.5%; USDC accounted for 16.9%.

Miner Revenues

Last month, total miner revenue increased by 25.4%, reaching $1.02 billion.

3/12 BTC miner revenue increased by 25.4% to $1.02B, while ETH staker revenue increased by 5.8% to $221.5M: pic.twitter.com/SZ4gBOphHT

— Lars (@lars0x) November 4, 2024

Meanwhile, Ethereum network participants saw staking revenues increase by 5.8% to $221.5 million.

ETH Burning

In October, 41,648 ETH, equivalent to $105 million, was burned.

4/12 A total of 41,648 ETH, equivalent to $105M, was burned. Since the implementation of EIP-1559 in early August 2021, a total of 4.43M ETH, equivalent to $12.5B, has been burned: pic.twitter.com/4I3JYCTUmG

— Lars (@lars0x) November 4, 2024

Since the implementation of EIP-1559 in August 2021, a total of 4.42 million ETH ($12.5 billion) has been removed from circulation.

NFT

The monthly trading volume of major NFT marketplaces like Blur and OpenSea increased by 26.5% in October, reaching $121.6 million.

5/12 Monthly NFT marketplace volume on Ethereum increased by 26.5% to $121.6M: pic.twitter.com/LyWLSyWABN

— Lars (@lars0x) November 4, 2024

CEX

The total turnover of centralized crypto exchanges grew by 16.3% to $843 billion.

6/12 Legitimate CEX spot volume increased by 16.3% to $843B: pic.twitter.com/ak5aheC4Oj

— Lars (@lars0x) November 4, 2024

ETF

In October, the net inflow into spot Bitcoin ETFs amounted to $5.3 billion.

7/12 Monthly net flows of all BTC spot ETFs came in at positive $5.3B. IBIT recorded a new ATH inflow of $872M on Oct 30: pic.twitter.com/TaVIFFiQEA

— Lars (@lars0x) November 4, 2024

Among individual funds, BlackRock’s IBIT recorded a record inflow of $872 million on October 30.

Futures

Open interest in Bitcoin futures increased by 22.9% last month; for Ethereum-based contracts, it rose by 14.6%.

8/12 Futures: Open interest: BTC new ATH: +22.9%, ETH: +14.6%; Trading volume: BTC monthly futures volume increased by 12.1% to $1.25T (ETH +4.8%): pic.twitter.com/9D17rB71Qv

— Lars (@lars0x) November 4, 2024

Trading volume of derivatives based on digital gold increased by 12.1%. For Ethereum futures, it rose by 4.8%. 

Open interest in the corresponding derivatives on the regulated exchange CME increased by 21.5%, reaching a new all-time high of $12.5 billion.

9/12 CME’s open interest of Bitcoin futures increased by 21.5% to a new ATH of $12.5B (daily avg volume +9.6% to $5.3B): pic.twitter.com/25m5ZWseto

— Lars (@lars0x) November 4, 2024

Options

Open interest in Bitcoin options increased by 35.7% in October, while for Ethereum-based contracts, it remained unchanged.

11/12 Options: Open interest: BTC: +35.7%, ETH: flat. BTC monthly options volume increased by 39.8% to $54B (ETH: +4.7% to $10.2B): pic.twitter.com/IVbNcxB1r5

— Lars (@lars0x) November 4, 2024

The monthly trading volume of derivatives based on digital gold increased by 39.8%, reaching $54 billion (Ethereum — +4.7%, to $10.2 billion). 

Earlier, CryptoQuant analysts noted a rise in on-chain activity among retail Bitcoin investors to March peaks.