Report: On-chain activity of Bitcoin and Ethereum rose 38% in August

The total volume of on-chain value transferred across Bitcoin and Ethereum networks last month rose by 38.3%, reaching $125 billion. That marks the highest level in 30 months, according to a report by The Block.

Bitcoin’s on-chain activity in August rose 22.5% (from $66.1 billion to $80.9 billion), Ethereum up 81.7% (from $24 billion to $43.7 billion).

The volume of on-chain value transferred via the Bitcoin blockchain exceeded Ethereum’s in August by a factor of 1.85. Data: The Block, CoinMetrics.

When ERC-20 stablecoin data are included, on-chain activity tied to Ethereum and its tokens is 2.2 times higher than Bitcoin’s.

The total value transferred via Ethereum and ERC-20 tokens significantly exceeds that of Bitcoin. Data: The Block, CoinMetrics.

In August, the market supply of stablecoins rose 22.9%, from $12.2 billion to $16.2 billion.

Circulation/turnover of popular stablecoins in August. Data: The Block.

For Binance’s BUSD, turnover rose from 16.7 in July to 18.8 in August. USDC turnover in August stood at 10.

In early September, Ethereum on-chain activity significantly decreased.

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