Ethereum onchain volume hits $7.13 billion amid November's market surge

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.