June 2025 On-chain Data Interpretation: Ethereum Regains Top Income Spot, Bitcoin Institutionalization Trend Strengthens

Abstract

• Solana continues to lead in trading volume and active addresses, with Base closely following; Ethereum regains the top spot in fee revenue thanks to high-value interactions.

• Ethereum leads in capital absorption, Polygon expands its DeFi narrative with Katana, while Base, despite a short-term pullback, still has long-term growth potential in its ecosystem.

• The on-chain transaction volume of BTC has sharply decreased, with the proportion of high-value transactions rising to 89%. Under the "price increase and volume decrease" pattern, on-chain activities are accelerating towards institutionalization.

• BTC cost basis distribution reveals key support, with 93,000-100,000 USDT becoming the core on-chain defense.

• PumpSwap trading volume surpassed 38 billion, with users exceeding 9 million, continuing to lead a new pattern in the Solana DEX market.

• The on-chain transaction volume of the Sei chain has surged alongside its TVL, creating a resonance between ecological expansion, technological advantages, and favorable policy capital.

On-chain Data Summary

on-chain activities and capital flow overview

In addition to conducting an overall analysis of on-chain capital flow, we further selected several key on-chain activity indicators to assess the actual usage heat and activity level of various blockchain ecosystems. These indicators include daily trading volume, daily Gas fees, daily active addresses, and net flow of cross-chain bridging, covering multiple dimensions such as user behavior, network usage intensity, and asset liquidity. Compared to merely observing capital inflows and outflows, these on-chain native data can more comprehensively reflect the fundamental changes of public chain ecosystems, helping to determine whether the capital flow is accompanied by actual usage demand and user growth, thereby identifying networks with sustainable development foundations.

on-chain transaction volume comparison: Solana significantly leads in on-chain activity over Base.

According to data from the data platform, as of June 30, 2025, Solana ranks first among mainstream public chains with a monthly transaction volume exceeding 2.97 billion, demonstrating strong on-chain throughput capabilities and active ecological interaction levels. Its high-frequency trading is no longer limited to hot applications such as Memes and Bots, but is continuously extending to deeper scenarios such as stablecoins, RWA, and financial instruments. In the past week, institutions have accelerated their layout in the RWA and stablecoin fields: Fiserv, with a market capitalization of $90 billion, announced that it will deploy stablecoins on Solana; Republic Crypto launched the rSpaceX stock tokenization product, further expanding Solana's application boundaries in the private placement market.

Apart from Solana, Base also continues its strong growth trend, with a cumulative transaction volume of 292 million in June, clearly leading Arbitrum (62.7 million) and Polygon PoS (101 million), firmly positioned at the forefront of the Layer 2 second tier. Recently, Base has been continuously expanding its real-world application scenarios. In June, a certain e-commerce platform announced support for USDC payments on the Base chain, covering merchants in over 30 countries worldwide, marking its official entry into the mainstream payment system. At the same time, a large bank has also initiated a pilot project for the deployment of deposit tokens on Base, promoting the on-chain of bank-level assets and further enhancing its practicality in RWA and financial scenarios.

In contrast, traditional Layer 1 public chains like Ethereum and Bitcoin maintain a steady transaction pace, with monthly transaction volumes of 41.95 million and 10.28 million, respectively. Although their frequency is not as high as that of high-performance public chains, they still hold an important position in carrying high-value assets and interacting with the core of DeFi.

Overall, Solana and Base showed significant advantages in trading data in June, steadily consolidating their dominant position in the high-frequency interaction ecosystem. In contrast, some Ethereum scaling solutions are experiencing a slowdown in momentum, with funds and user attention gradually shifting towards emerging high-performance chains. The evolution of on-chain transaction volume not only reflects technical strength and user activity but also indicates the direction of future ecological competition. Moving forward, it will still be necessary to combine interaction quality and real user data to continuously validate their sustainability and ecological depth.

On-chain income landscape reshuffled again: Ethereum regains the top spot, Base growth slows down.

According to data from the data platform, as of June 30, 2025, Ethereum has regained the top position in on-chain transaction fee revenue, generating $39.07 million in a single month, solidifying its leading position in the high-value interaction sector. Solana recorded $30.54 million in revenue this month, slightly lower than Ethereum, ranking second. However, looking back at May, Solana briefly surpassed Ethereum, with a single-month transaction fee reaching $53.06 million, becoming the highest revenue public chain for that month, demonstrating its strong trading momentum and application explosion at specific stages.

Bitcoin ranks third with 14.75 million USD, although the number of transactions and active addresses are not as strong as Solana. However, as a mainnet for value storage and the gradual emergence of the BTC L2 ecosystem, it still maintains a strong ability to generate transaction fees. Base's revenue this month has shown a month-on-month decline, dropping from 5.87 million USD in May to 4.87 million USD in June. Although it still significantly leads Arbitrum (1.68 million USD) and Polygon PoS (approximately 230,000 USD), its growth momentum has slightly slowed down, and the sustainability of its real-world applications and capital inflow needs to be observed.

Observing the trends, the fee curves of Ethereum and Bitcoin are relatively stable, indicating their main service for high-value interaction demands; in contrast, Solana's fees show a fluctuating upward trend, closely related to the activity of high-frequency scenarios in its ecosystem. The short-term pullback of Base also reflects that its user growth and capital inflow are still in the early integration stage.

Overall, transaction fee income is not only a reflection of on-chain economic activity but also indicates changes in ecosystem structure and user behavior patterns. The strong rebound of Ethereum and the short-term pullback of Base reveal the phase variables and competitive pressures faced by emerging public chains as they challenge the dominant income positions of Ethereum and Bitcoin.

Active Address Analysis: Solana leads, Base closely follows.

According to data from the data platform, as of June 30, 2025, Solana maintains its position as the top public chain with an average of 4.8 million active addresses per day, far ahead of other Layer 1s and significantly surpassing most Layer 2 networks. The user activity on Solana primarily benefits from high-frequency interactions with Meme coins, automated trading bots, stablecoin payments, and emerging RWA scenarios. Its on-chain interactions have expanded from speculative applications to the realization of real assets and payment ecosystems, demonstrating a clear advantage in user retention.

Base ranks second with an average of 1.71 million active addresses per day, demonstrating strong growth momentum. Its user count continued to rise in June, mainly due to three aspects: the expansion of the L2 native ecosystem; the introduction of payment users after the stablecoin (USDC) was integrated into real merchant scenarios; and the migration of structural funds and applications driven by traditional financial institutions' on-chain pilot projects. The user growth of Base is not only reflected in the quantity but also in the increase in interaction frequency and the number of active on-chain contracts, gradually forming a full-stack ecological prototype from finance to social.

Polygon PoS ranks third and fourth with an average daily active addresses of 570,000 and 500,000 for Bitcoin respectively. The former, as a stable Ethereum sidechain, still maintains a certain foundation in the NFT, gaming, and small to medium-sized developer communities; the latter is limited by its low-frequency transfer characteristics and its positioning as a store of value, resulting in relatively steady address growth.

The user activity of Ethereum and Arbitrum is relatively lagging, with daily average addresses of 440,000 and 320,000 respectively, indicating a contraction in user interaction willingness due to high Gas costs and a lack of emerging application-driven influences. Especially in themes like Meme, Bot, and RWA, users have gradually shifted towards new chains with lower costs and richer applications, reflecting a change in the competitive landscape between chains.

Overall, the daily active address data in June clearly reflects that the differentiation trend between Layer 1 and Layer 2 is accelerating. High-frequency main chains and L2 driven by real-world applications are replacing traditional strong chains as the focus of ecological attention. User activity not only serves as a prerequisite for transaction growth but also represents the direction of future ecological capital and developer resource aggregation, making it worthwhile to continuously track the quality of subsequent developments and user engagement performance.

Public chain capital flow analysis: Ethereum leads, Base adjusts, Polygon lays out DeFi track.

According to data from the data platform, as of the past month, Ethereum has maintained its dominant position with a net inflow of $5.1 billion, demonstrating strong capital attraction capabilities; Polygon PoS follows closely with a net inflow of $263 million, continuing a moderate growth trend. In contrast, the Layer 2 network Base has experienced a net outflow of as much as $5 billion, becoming the most notable public chain for capital withdrawal in this round. The capital flow in this round continues the structural trend of the previous weeks: Ethereum benefits from multiple favorable factors such as the Pectra upgrade, ongoing net inflows into ETH spot ETFs, and continuous institutional accumulation, combined with a rebound in DeFi sector enthusiasm and a marginal easing of regulatory policies, further solidifying its core position of "high liquidity + high consensus."

The capital inflow of Polygon may be related to its recent ecological layout. Polygon Labs has collaborated with a certain crypto market maker to launch the DeFi-focused Layer 2 network Katana, which aims to address issues of asset fragmentation and unsustainable yields. Katana employs a centralized screening mechanism and uses VaultBridge to return funds back to the mainnet for lending, forming an efficient closed loop that attracts institutions and high-net-worth users. This move not only strengthens Polygon's positioning in the DeFi sector but also brings a more differentiated Layer 2 narrative. The recent net inflow of $263 million for Polygon may reflect the market's positive expectations for the Katana model and its future potential.

Despite the recent large-scale net outflow of funds from Base, this is more likely due to a phase adjustment rather than a weakening of the ecosystem. In fact, in mid-June, Base experienced strong capital inflow, benefiting from the deep integration with a certain trading platform, cooperation with a certain e-commerce platform to expand USDC payment scenarios, and a large bank testing deposit tokens on-chain, among other favorable developments, which rapidly heated up the ecosystem. Currently, Base's TVL reaches 3.4 billion USD, with a stablecoin market value of 4.1 billion USD, and core protocols like Aerodrome, Spark, StarGate, and Moonwell are performing strongly. Short-term capital flows may be affected by market rotations and arbitrage, but in the medium to long term, Base still has the potential for continuous expansion and capital inflow.

The current flow of funds reflects a structural differentiation among mainstream public chains. Ethereum continues to solidify its core position through technological upgrades and institutional support, while Polygon strengthens its voice in the DeFi sector by leveraging Katana. Although Base has experienced short-term net outflows, the ecological fundamentals remain robust with multiple real-world applications and institutional collaborations, indicating potential for capital inflows and further expansion in the future. Overall, funds are now revolving around the three core elements of "technical strength + scenario implementation + capital integration" for a new round of allocation and rotation.

As funds rotate across chains, Bitcoin, as the core asset of the market, also releases several key signals through its on-chain structural indicators. This article will focus on three representative indicators – the number of transactions and transaction amounts, the adjusted transfer structure of entities, and the Cost Basis Distribution (CBD) – to assess whether there is structural support behind the current market situation and to observe whether the trend driven by institutional behavior continues to deepen.

Bitcoin Key Indicator Analysis

As Bitcoin prices continue to consolidate in the historical high range, on-chain data shows multiple structural changes, reflecting a deep adjustment in market participation structure and funding behavior. To gain a more comprehensive understanding of the current market background and potential risk directions, this article will focus on three key on-chain indicators for analysis: changes in the number of on-chain transactions and average transaction amounts, the entity-adjusted volume breakdown, and the cost basis distribution heatmap. Through the cross-examination of these three indicators, it is hoped to clarify the current on-chain.