---
title: "On-Chain and Exchange Volumes for BTC, ETH Slide in August, Sept Likely to Repeat"
url: https://diffcoin.com/on-chain-and-exchange-volumes-for-btc-eth-slide-in-august-sept-likely-to-repeat/
description: "August was a particularly quiet month on crypto markets with volumes and activity falling and September is likely to be a repeat."
published: 2023-09-04
updated: 2023-09-04
author: "Mila"
site: "Diffcoin"
---

# On-Chain and Exchange Volumes for BTC, ETH Slide in August, Sept Likely to Repeat

The total adjusted on-chain volume for the leading two crypto assets decreased by 6.3% to $176 billion in August.

Bitcoin volumes fell by 6.7% and Ethereum by 5.7% for the month, according to research from The Block.

Furthermore, it is the fifth month of declines since March, and on-chain volumes are down 56% from the same month last year.

> 1/13 August summary 🧵
> 
> Most metrics corrected further.
> 
> Total adjusted on-chain volume decreased by 6.3% to $176B (BTC: -6.7%, ETH -5.7%): [pic.twitter.com/qEgaJ1ErPf](https://t.co/qEgaJ1ErPf)
> 
> — Lars (@lars0x) [September 1, 2023](https://twitter.com/lars0x/status/1697602456711020591?ref_src=twsrc%5Etfw)

## Bear Market Blues

Nevertheless, the adjusted on-chain volume of stablecoins increased by 6.8% to $520.9 billion, according to the research. However, this metric is down around 35% from March figures.

Issued stablecoin supply contracted by 2.2% to $115.1 billion in August. Tether (USDT) and Circle (USDC) increased their market shares marginally.

Crypto revenues also declined, according to the data. Bitcoin miner revenue decreased by 6.8% to $805 million, while Ethereum staking revenue dropped by 7.5% to $130 million in August.

Monthly NFT marketplace volume on Ethereum declined by 8% to $391 million as secondary sales dwindled.

Also in retracement was centralized exchange spot volume which fell by 2.8% to $261.6 billion, the lowest volume since October 2020. Binance remains the market leader despite regulatory pressure, with a 73.4% share. Coinbase is second with 10.2%, followed by Kraken at 5.3%, according to The Block.

Crypto derivatives trading was also in decline for the month. Futures Open Interest, or the number of outstanding contracts yet to be settled, fell 14% for Bitcoin and 18% for Ethereum contracts. Moreover, BTC monthly futures volume decreased by 5.4% to $603 billion, and ETH futures monthly volume fell by 15.5% to $264 billion.

September is usually a quiet month for crypto, with more declines than gains in previous years.

However, crypto investor and Ethereum educator Anthony Sassano remained bullish. “Late-stage crypto crab markets are worse than the bear market for most people,” he [said](https://twitter.com/sassal0x/status/1697920221078856017) before adding:

> “It’s the “what if there’s never another bull market?” phase of the crypto cycle and its where even multi-cyclers get shaken out and start to lose faith. Ironically, this is usually when the bull returns.”

## Crypto Market Outlook

Crypto markets returned to their state of inactivity over the weekend, with total capitalization hovering around just below $1.1 trillion.

BTC is currently trading up 0.5% on the day at just under $26,000, following an intraday low of $25,800. Ethereum remains flat on the day at $1,638 at the time of writing.

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