On-chain Data Analysis for June 2025: 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 has regained 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 shows long-term growth potential in its ecosystem.

• BTC on-chain transaction volume plummeted, with high-value transactions accounting for 89%. Under the "price rises while volume shrinks" pattern, on-chain activities are rapidly moving towards institutionalization.

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

• PumpSwap's trading volume exceeds 38 billion, and the number of users surpasses 9 million, continuously leading the new landscape of the Solana DEX market.

• The transaction volume on the Sei chain has exploded in sync with TVL, creating a resonance between ecological expansion, technical advantages, and favorable policy capital.

On-chain Data Summary

On-chain activity and fund flow overview

In addition to analyzing the overall flow of funds on-chain, we further selected several key on-chain activity indicators to assess the real usage and activity levels of various blockchain ecosystems. These indicators include daily transaction volume, daily Gas fees, daily active address count, and net flow of cross-chain bridging, covering multiple dimensions such as user behavior, network usage intensity, and asset liquidity. Compared to merely observing the inflow and outflow of funds, these on-chain native data can more comprehensively reflect the fundamental changes in the public chain ecosystem, helping to determine whether the capital flow is accompanied by actual usage demand and user growth, thus identifying networks with sustainable development potential.

On-chain transaction volume comparison: Solana significantly leads in on-chain activity compared to Base.

According to data from the data platform, as of June 30, 2025, Solana consistently ranks first among mainstream public chains with a monthly transaction volume exceeding 2.97 billion, demonstrating strong on-chain throughput capacity and a high level of ecological interaction. Its high-frequency trading is no longer limited to hot applications such as Meme and Bot, but is continuously extending into deeper scenarios such as stablecoins, RWA, and financial instruments. In the past week, institutions have accelerated their layout in the RWA and stablecoin fields: a fintech company announced it will deploy stablecoins on Solana; a crypto investment platform launched a tokenized product for SpaceX stocks, further expanding Solana's application boundaries in the private placement market.

Apart from Solana, Base also continues to show strong growth, with a cumulative trading volume of 292 million transactions in June, significantly ahead of Arbitrum (62.7 million transactions) and Polygon PoS (101 million transactions), firmly ranking among the top tier of Layer 2. Recently, Base has been expanding its real-world application scenarios. In June, a certain e-commerce platform announced support for USDC payments on the Base blockchain, 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-grade assets and further enhancing its practicality in RWA and financial scenarios.

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

Overall, Solana and Base exhibited significant advantages in trading data in June, steadily consolidating their dominant positions in the high-frequency interaction ecosystem. In contrast, the momentum of some Ethereum scaling solutions has slowed, with capital 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 is essential to combine interaction quality with real user data to continuously verify their sustainability and ecological depth.

The on-chain income landscape is reshuffled again: Ethereum regains the top spot, while Base's growth slows down.

According to data from the 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 field. Solana recorded $30.54 million in revenue this month, slightly below 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 at $14.75 million, although its transaction volume and active addresses are not as high 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 seen a month-on-month decline, dropping from $5.87 million in May to $4.87 million in June. Although it still significantly outpaces Arbitrum ($1.68 million) and Polygon PoS (about $230,000), its growth momentum has slightly slowed down, and it is necessary to observe the sustainability of its real-world applications and capital inflow.

Observing the trends, the fee curves of Ethereum and Bitcoin are relatively stable, indicating their main service for high-value interaction demands; the fees for Solana, on the other hand, 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 influx are still in the early integration stage.

Overall, fee income is not only a reflection of on-chain economic activity but also indicates the changes in ecological structure and user behavior pathways. The strong rebound of Ethereum and the short-term pullback of Base reveal the phased 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 platform statistics, as of June 30, 2025, Solana continues to rank first among public chains with an average of 4.8 million active addresses per day, not only far ahead of other Layer 1s but also significantly surpassing most Layer 2 networks. Solana's user activity primarily benefits from the high-frequency interactions of 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 daily active addresses, showcasing strong growth momentum. Its user numbers continued to rise in June, primarily due to three factors: the expansion of the L2 native ecosystem; the influx of payment users brought about by the real-world merchant scenarios of stablecoins (USDC); and the structural capital and application migration driven by traditional financial institutions' on-chain pilot projects. The user growth of Base is not only reflected in the numbers but also in the increased interaction frequency and the growing number of on-chain active contracts, gradually forming a full-stack ecological prototype from finance to social.

Polygon PoS and Bitcoin have daily active addresses of 570,000 and 500,000, respectively, ranking third and fourth. The former, as a stable Ethereum sidechain, still maintains a certain foundation among NFT, gaming, and small to medium-sized developer communities; the latter, however, 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 average daily addresses of 440,000 and 320,000 respectively, indicating a contraction in user interaction willingness under the influence of high Gas costs and a lack of emerging application-driven impact. Especially in themes such as Meme, Bot, and RWA, users have gradually shifted to emerging chains with lower costs and richer applications, reflecting a change in the competitive landscape between chains.

Overall, the daily active address data for June clearly reflects that the differentiation trend between Layer 1 and Layer 2 is accelerating, with high-frequency main chains and L2 driven by real-world applications replacing traditional technology strong chains as the focus of ecosystem attention. User activity not only serves as a prerequisite for transaction growth but also represents the direction of future ecosystem capital and developer resource aggregation, making it worth continuously tracking the subsequent development quality and user stickiness.

Public chain capital flow analysis: Ethereum leads, Base pulls back, Polygon布局DeFi赛道

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

The capital flow back to Polygon may be related to its recent ecological layout. Polygon Labs has launched a DeFi-focused Layer 2 network called Katana in collaboration with a certain crypto market maker, aiming to address the issues of asset fragmentation and unsustainable yields. Katana employs a centralized screening mechanism and utilizes VaultBridge to return funds to the mainnet after lending, creating an efficient closed loop that attracts institutions and high-net-worth users. This move not only strengthens Polygon's positioning in the DeFi space but also brings a more differentiated Layer 2 narrative. The recent net inflow of $263 million recorded by 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 temporary adjustment rather than a weakening of the ecosystem. In fact, in mid-June, Base experienced strong capital inflows, benefiting from the deep integration with a certain trading platform, the collaboration with a certain e-commerce platform to expand USDC payment scenarios, and the on-chain testing of deposit tokens by a large bank, among other positive developments, which rapidly boosted the ecosystem's activity. Currently, Base's TVL stands at $3.4 billion, with a stablecoin market capitalization of $4.1 billion, and core protocols such as Aerodrome, Spark, StarGate, and Moonwell are performing strongly. Short-term capital flows may be influenced by market rotations and arbitrage, but in the medium to long term, Base still has the potential for sustained expansion and capital inflow.

The current flow of funds reflects a structural differentiation among mainstream public chains. Ethereum continues to solidify its core position with technological upgrades and institutional support, while Polygon strengthens its voice in the DeFi field through the Katana initiative. Although Base has seen short-term net outflows, its ecological fundamentals remain robust with multiple real-world applications and institutional collaborations backing it, presenting potential for fund inflows and further expansion in the future. Overall, funds are now centered around the three core aspects of "technological 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—transaction count and transaction amount, 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 institutional behavior continues to deepen the prevailing trend.

Bitcoin Key Indicator Analysis

As the price of Bitcoin continues to consolidate at historically high levels, on-chain data shows multiple structural changes, reflecting a deep adjustment in market participation structure and capital 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: changes in the number of on-chain transactions and average transaction amount, 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 activity.