On-Chain Crypto Signals Mixed in August: Analyst
CryptoNewsTerminal Staff02 Sep, 2024
On-Chain Crypto Signals Mixed in August: Analyst
The Block analyst Lars Hoffman wrote via X that “on-chain metrics suggest August was a month of mixed signals for crypto.” Average on-chain adjusted transfer volume for BTC and ETH fell by 15.3% last month. On the other hand, on-chain adjusted stablecoin transfer volume rose by 20.5% to a new all-time high and exchange inflows increased by 2.9%. BTC miner revenue fell by 10.4% and ETH staker revenue declined by 19.3%. Also, a total of 4.37 million ETH ($123 million) has been burned since the implementation of EIP-1559 in August 2021. Additionally, there was a $420 million net outflow from the U.S. BTC spot ETF.
