- Bitcoin and Ethereum see a drop in adjusted on-chain volume in December.
- Ethereum staking revenue has dropped significantly.
- NFT marketplace volume is up for Ethereum.
According to data shared by The Block’s research, the combined adjusted on-chain volume of Bitcoin and Ethereum fell by nearly 50% in the month of December. As the fallout from the demise of FTX and Alameda Research continues to echo across the industry, the total on-chain volume of both assets has decreased 44.6% to $144 Billion.
Adjusted on-chain volume measures the economic flow of ETH and BTC on their respective blockchains. The modification aims to eliminate spam transactions, such as people transferring funds back and forth between their own accounts, to get a more clear view of market conditions.
Bitcoin’s total adjusted on-chain volume dropped by 41.1%, from $5.4 billion in November to $3.22 billion in December, while Ethereum dropped a whopping 49.8%, down from $3.64 billion in November to $2.22 billion in August.
These numbers have been declining steadily since hitting new highs in May, which witnessed a 92.7% rise from the previous month. The May numbers also represented the first time the on-chain volume figure for Ethereum surpassed that of bitcoin.
Transaction volume isn’t the only statistic that hit Ethereum. The second largest cryptocurrency also recorded a 9.6% drop in ETH staking revenue to $80.3 Million. On the other hand, Bitcoin miner revenue was least affected, dropping only 0.9% to $476.7 Million.
Both Bitcoin and Ethereum’s Open interest and monthly futures volumes tanked, along with options, where both assets saw drops of more than 30%, with Ethereum dropping lower than Bitcoin. The only growth recorded by Ethereum came from NFT marketplace volume, which is up 5.2% from last month to $401 Million.
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