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© Reuters Bitcoin and Ethereum adjusted on-chain volume drops to new lows and sees lower adjusted on-chain volume in December. Ethereum staking revenue has dropped significantly. NFT market volume is on the rise for Ethereum.
According to data shared by research from The Block, the combined adjusted on-chain volume of Bitcoin and Ethereum fell nearly 50% in the month of December. As the fallout from the demise of FTX and Alameda Research continues to reverberate across the industry, the two assets’ total on-chain volume has shrunk 44.6% to $144 billion.
Adjusted On-Chain Volume measures the economic flow of ETH and BTC on their respective blockchains. The change aims to eliminate spam transactions, such as people transferring funds between their own accounts, to get a clearer view of market conditions.
Bitcoin’s total on-chain adjusted volume fell 41.1% from $5.4 billion in November to $3.22 billion in December, while Ethereum fell 49.8% from $3.64 billion in November to $2.22 billion in August.
Those numbers have been steadily declining since hitting new highs in May, which saw a 92.7% increase from the previous month. The May figures also represented the first time that the on-chain volume figure for Ethereum exceeded that of bitcoin.
Trading volume is not…
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