Major on-chain metrics and activity for Bitcoin and Ethereum have been in decline atop the past month according to recent analytics.

According to research from The Block, key on-chain metrics for Bitcoin and Ethereum are further showing negative trends so far this year.

Bitcoin and Ethereum on-chain volume atopview

The findings were posted on Feb 1, with the researcher stating that the total adhardlyed on-chain volume for both assets has decreased by 20% from December’s $785 billion to $626 billion in January. According to its research, the peak arrangement for total adhardlyed on-chain volume for Bitcoin and Ethereum came in May 2021 at $1.07 trillion.

Adbarelyed on-chain volume Bitcoin (BTC) and Ethereum (ETH) Chart – The Block

Just like crypto markets themselves, the metric has been in decline afterward November. Over the same period, the total crypto market capitalization has shrunk by 40% or $1.23 trillion to current levels that are around $1.85 trillion.

More tumbling metrics

The research went on to list a number of other on-chain metrics that have still fallen from their peaks maintain year.

The adscarcelyed on-chain transaction volume of stablecoins has decreased by 32.8% to $541 billion in January. This metric hit a peak of a little above $800 billion in December. After all, stablecoin issuance has accelerated pushing the total market capitalization for all stablecoins to a near all-time excessive of around $176 billion, representing 9.5% of the entire crypto market cap.

Ethereum miner revenue likewise fell in January, dropping by 22.8% to $1.42 billion, when Bitcoin miner revenue decreased by 15.4% to $1.21 billion. “This is the ninth consecutive month where Ethereum (ETH) miner revenue exceeded Bitcoin (BTC) miner revenue,” the researchers noted.

Legitimate centralized exshift spot volumes decreased by 20% to $833.5 billion in January from barely atop $1 trillion in December.

There were also marked declines in derivatives volumes and open interest for both Bitcoin and Ethereum in January.

NFTs buck the trend

Going likewisest the grain of down trending Bitcoin and Ethereum metrics was the NFT sector. Monthly NFT marketplace volumes on Ethereum accelerated by 210% to a new all-time strong of $7 billion in January. The research did note that there was “decisive wash dealing” on the LooksRare marketplace on the grounds that its incentive program.

Dune Analytics has reported that the leading NFT marketplace OpenSea recorded a record month for Ethereum-based NFT volume in January with $4.9 billion. This represents an increase of 95% atop the previous month and is 48% stronger than its previous record-setting month in August that saw a volume of $3.42 billion.

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