May 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 35.4% to a new all-time high of $1.07 trillion in May. Overall, Bitcoin’s on-chain volume declined by 8.9% (from $446.9 billion to $407.3 billion), while Ethereum’s on-chain volume significantly increased by 92.7% (from $345.6 billion to $666 billion).

In May, for the first time, Ethereum’s on-chain volume exceeded Bitcoin’s, by 1.6 times.