June 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 a decline of 3% in June after reaching a 10-month high in May. Bitcoin’s on-chain volume decreased by 9% (from $67.8 billion to $61.9 billion) while Ethereum’s increased by 28% (from $12.5 billion to $16.0 billion). Bitcoin’s on-chain volume was 3.9 times higher than Ethereum’s in June.

If we take stablecoins that settle on Bitcoin and Ethereum into account, Ethereum has nearly surpassed the on-chain volume of Bitcoin by the end of the month.