September 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 18.4% in September, a 31-month high. The increase was primarily the result of Ethereum's on-chain volumes. Bitcoin’s on-chain volume decreased by 4% (from $80.9 billion to $77.7 billion) while Ethereum’s increased by 60.1% (from $43.7 billion to $70.0 billion). Bitcoin’s on-chain volume was 1.1 times higher than Ethereum’s in September.

Taking stablecoins into account, Ethereum continues its uptrend relative to Bitcoin as a settlement layer. By the end of September, with stablecoin volume included for both Bitcoin and Ethereum, the latter settled nearly 2.6 times more volume than the former.