Ethereum onchain volume hits $7.13 billion amid November's market surge
Quick Take Throughout 2024, Ethereum’s onchain trading volume mirrored that of the wider crypto market. The following is an excerpt from The Block’s Data and Insights newsletter.
Last Friday, Nov. 15, Ethereum’s daily onchain volume soared to $7.13 billion, marking the highest single-day volume of the year.
This represents a 1% increase over the previous yearly high set in March, underscoring a resurgence in Ethereum’s network activity as the broader crypto market turns bullish.
Throughout 2024, Ethereum’s onchain trading volume mirrored that of the wider crypto market, with an overall consistent risk-off downtrend despite momentary spikes during the second and third quarters. However, November has been a turning point, driven by a combination of market-specific factors not limited to large inflows from Bitcoin and Ethereum’s ETFs and a Trump victory in the U.S. Presidential election.
Bitcoin’s rally to new all-time highs earlier this month has served as a key catalyst, pulling ether along in its wake and reigniting speculative and transactional activity across the network.
Over just two weeks, Ethereum’s onchain volume has surged by 85%, from $3.84 billion on Nov. 1 to $7.13 billion on Nov. 15.
Looking ahead, onchain activity on Ethereum seems poised for a period of reacceleration due to its position as a trading environment further down the risk curve that thrives as liquidity moves on-chain following rallies on large-cap assets on centralized exchanges.
This is an excerpt from The Block's Data Insights newsletter . Dig into the numbers making up the industry's most thought-provoking trends.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
As economic cracks deepen, bitcoin may become the next liquidity "release valve"
The US economy is showing a divided state, with financial markets booming while the real economy is declining. The manufacturing PMI continues to contract, yet the stock market is rising due to concentrated profits in technology and financial companies, resulting in balance sheet inflation. Monetary policy struggles to benefit the real economy, and fiscal policy faces difficulties. The market structure leads to low capital efficiency, widening the gap between rich and poor and increasing social discontent. Cryptocurrency is seen as a relief valve, offering open financial opportunities. The economic cycle oscillates between policy adjustments and market reactions, lacking substantial recovery. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively updated by the Mars AI model.
The wave of cryptocurrency liquidations continues! US Bitcoin ETF sees second highest single-day outflow in history
Due to the reassessment of Federal Reserve rate cut expectations and the fading rebound of the U.S. stock market, the crypto market continues to experience liquidations, with significant ETF capital outflows and options traders increasing bets on volatility. Institutions warn that technical support for bitcoin above $90,000 is weak.
When traditional financial markets fail, will the crypto industry become a "pressure relief valve" for liquidity?
As long as the system continues to recycle debt into asset bubbles, we will not see a true recovery—only a slow stagnation masked by rising nominal figures.
A Quiet End to 2025 Could Prime Crypto for a 2026 Breakout, Analysts Say
Trending news
MoreCrypto prices
More
