Adjusted On-Chain Trading Volume for Bitcoin and Ethereum Hits Yearly Peak in July

Adjusted On-Chain Volume for Bitcoin and Ethereum Surges to Yearly High in July

New York, August 6, 2020 - The combined adjusted on-chain volume for Bitcoin (BTC) and Ethereum (ETH) reached a yearly high in July, reaching a total of $90.1 billion, marking a significant 15.7% increase from the previous month, according to a recent analysis by The Block Research.

This surge in on-chain volume was primarily driven by Ethereum, which experienced a substantial 50.0% increase in volume, climbing from $16.0 billion in June to $24.0 billion in July. Bitcoin's on-chain volume also exhibited growth, albeit at a more modest pace of 6.8%, rising from $61.9 billion to $66.1 billion.

The adjusted on-chain volume metric excludes wash trades, which are transactions between the same entities intended to inflate volume and manipulate markets. This metric provides a more accurate representation of the underlying demand and activity within the blockchain ecosystem.

The increase in on-chain volume suggests a growing interest in cryptocurrencies among institutional investors and retail traders alike. It also reflects the continued maturation of the cryptocurrency market, as it becomes more widely recognized as a viable investment option.

For further details and insights into this market trend, refer to the comprehensive analysis by The Block's Larry Cermak.

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