July 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 15.7% in July, which is a yearly high. Bitcoin’s on-chain volume increased by 6.8% (from $61.9 to $66.1 billion) while Ethereum’s increased by 50.0% (from $16.0 billion to $24.0 billion). Bitcoin’s on-chain volume was 2.75 times higher than Ethereum’s in July.

If we take stablecoins that settle on Bitcoin and Ethereum into account, Ethereum has now clearly surpassed the on-chain volume of Bitcoin and it’s increasingly becoming established as a settlement layer.