According to recent analysis, major data as well as on-chain activity for Bitcoin and Ethereum have declined over the past month.
According to research by The Block, major on-chain metrics for Bitcoin and Ethereum are still showing negative trends year-to-date.
An overview of Bitcoin and Ethereum on-chain volume
Study results have been published on February 1, the researchers indicating that the total on-chain volume adjusted for the two assets decreased by 20%, from $785 billion in December 2021 to $626 billion in January 2022. According to this research, the peak of the Total adjusted on-chain volume for Bitcoin and Ethereum was reached in May 2021, at $1.07 trillion.
Much like the entire crypto markets themselves, this value has been falling since November. During the same period, the total capitalization of the cryptocurrency market decreased by 40%, or $1.23 trillion, to its current level of around $1.85 trillion.
Other values in decline
The study then lists a number of other on-chain data that have also fallen from the highs reached last year.
In particular, the adjusted volume of on-chain transactions of stablecoins fell by 32.8% to $541 billion in January. This value peaked at just over $800 billion last December. However, the issuance of stablecoins has increased, pushing the total market capitalization for all these stablecoins to a near historic high of around $176 billion, representing 9.5% of the entire crypto market.
Ethereum miner revenue also fell in January, dropping 22.8% to $1.42 billion, while Bitcoin miner revenue fell 15.4% to $1.21 billion. of dollars. “This is the ninth month in a row that ETH miner revenue has exceeded BTC miner revenue,” The Block researchers noted.
Spot volumes on legitimate centralized exchanges, meanwhile, fell 20% to $833.5 billion in January, from just over $1 trillion in December 2021.
Derivatives volumes and open interest for Bitcoin and Ethereum also saw a marked decline in January.
NFTs turn the tide
Running counter to the downward trend in Bitcoin and Ethereum data is the NFT sector. In January 2022, monthly NFT marketplace volumes on Ethereum increased by 210% to a new all-time high of $7 billion. The research, however, noted that there has been “significant wash trading” in the LooksRare marketplace due to its incentive scheme.
Dune Analytics reported that leading NFT marketplace OpenSea had a record month for Ethereum-based NFT volume in January, at $4.9 billion. That’s up 95% from the previous month and 48% more than its previous monthly high of August 2021, which saw a volume of $3.42 billion.
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