Monthly Crypto Exchange Volume

This page shares its source and construction with the adjacent BTC monthly volume page, but widens the scope to the combined spot turnover of BTC plus ETH (USD, monthly sums, Coin Metrics reported scope, since 2010). Mind the boundary: this is not whole-market turnover — no other altcoin or stablecoin pairs are included. The practical case for BTC+ETH: the two have long dominated spot turnover and carry the most complete data history, so their sum serves as a stable proxy for majors-market activity, immune to the listing/delisting/wash-trading churn of the long altcoin tail.

On the same axes, the gap between this page and the BTC-only page is ETH's contribution. Readable structural signals: ETH's share expanding typically marks risk appetite spilling outward from bitcoin; contraction back toward BTC dominance typically marks de-risking and late-cycle phases. The peak again lands in May 2021 (combined ~$1.55 trillion, of which BTC ~$874B) — that month ETH's contribution approached eighty percent of BTC's, the signature month of last cycle's altcoin fever. In recent prints (June 2026 combined $437B), BTC contributed about $301B, leaving ETH's activity share at a middling-to-low level.

The BTC page's warning applies doubly here: reported volume is unfiltered for wash trading, and ETH's venue distribution differs from BTC's (a larger share of ETH turnover happens on DEXes, which this centralized-exchange dataset does not see), making the true-volume discount on the ETH side both unknown and unstable. Be especially careful with comparisons spanning the DeFi emergence around 2020 — the on-exchange share of ETH's total turnover changed structurally across that divide.

The page's most reliable use is reading the monthly rhythm and magnitude shifts of combined majors activity: spotting expansion months (volatility regimes opening), contraction stretches (chip settling), and peak months (typically near cycle extremes). For BTC/ETH structural analysis, compute the two pages' difference as a share series rather than eyeballing bar heights — visual gaps on a log axis deceive badly. The incomplete-month reminder applies here too (unfinished months are excluded; the last bar is always the most recent completed calendar month).

Alongside volume structure, see exchange rankings and liquidation data.