August by the numbers: A look at crypto exchange volumes, open interest, and miner revenue

Total adjusted on-chain volume, which is a proxy for economic throughput, saw an increase of 38.3% in August, which is a 30-month high. Bitcoin’s on-chain volume increased by 22.5% (from $66.1 to $80.9 billion) while Ethereum’s increased by 81.7% (from $24.0 billion to $43.7 billion). Bitcoin’s on-chain volume was 1.85 times higher than Ethereum’s in August.

Taking stablecoins into account, Ethereum continues to blow past Bitcoin as a settlement layer. By the end of August, with stablecoin volume included for both Bitcoin and Ethereum, the latter settled 2.2 times more volume than the former.