2026-01-02 17:20:42

Recent signals in the crypto market have attracted attention. From the exchange perspective, the Bitcoin premium index of a compliant platform has been in negative premium for 19 consecutive days, with the latest data showing -0.1092%, reflecting subtle changes in market sentiment.

Meanwhile, exchange trading volume continues to decline. According to data, the December CEX cryptocurrency trading volume dropped to $1.13 trillion, hitting a 15-month low, down 32% from $1.66 trillion in November, and a 49% plunge from $2.23 trillion in October. The market has clearly entered a correction cycle.

However, the on-chain ecosystem presents a different picture. The 7-day moving average of transaction count on the Ethereum network surpassed 1.87 million at the end of 2025, setting a new record, far exceeding the 1.61 million during the NFT and DeFi boom in 2021, and also higher than the recent high of 1.73 million recorded in August this year.

In terms of on-chain fee revenue ranking, Solana leads with $603 million, followed by TRON with $581 million, Ethereum with $514 million, BNB Chain with $259 million, and Bitcoin with $172 million. This ranking reflects the actual activity and user demand on each blockchain last year. The offshore RMB to USD also broke above 6.97, reaching a new high since May 2023, indicating a subtle shift in global capital flows.

BTC1,55%

ETH0,95%

SOL1,27%

TRX-0,17%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

10 Likes

Reward
10
7
Repost
Share

Comment

0/400

FrontRunFighter

· 16h ago

cex volume getting absolutely decimated while eth txs hit new ath... something don't add up here. who's actually doing all this on-chain work if the plebs fled to the exits?

Reply0

MrDecoder

· 01-02 17:50

CEX trading volume plunges so sharply, yet on-chain data continues to hit new all-time highs. Isn't this contrast too surreal? Wait, is Solana's fee revenue in first place? Ethereum is still third, how active must it be? Negative premium has appeared for 19 consecutive days, the air is thick, brother. With such hot on-chain data, I don't believe this bull market can die. Exchanges are no longer trading, are big players quietly harvesting on the chain? This is market segmentation—are centralized exchanges declining? RMB appreciation and on-chain takeoff—does this chess game seem a bit grand? CEX liquidity is drying up; everyone has moved to on-chain trading. What does this indicate? The premium index has been negative for so many days; are those entering now just bottom-fishers? Can Solana's fees surpass Ethereum's? Is this ecosystem really weak or is it booming? Trading volume has halved, but look at the on-chain data... Is this building momentum? Or just false fire?

View OriginalReply0

MEVictim

· 01-02 17:48

Trading volume plummeted by 49%? Yet on-chain data hit new highs, why is there such a big discrepancy? --- CEX is dead and dull, but the number of Ethereum transactions exploded, the contrast is too stark. --- Negative premium for 19 days... Should I buy the dip or keep observing? --- Solana's fee revenue is first? TRON and Ethereum are about the same, which is a bit surprising. --- Really? The market is adjusting, but the ecosystem is building. That’s the charm of Web3. --- The RMB has broken above 6.97. What does this imply? --- On-chain data hit new highs, but trading volume was halved. It seems retail investors have already left. --- 15-month low. Winter is here, but is this a normal correction? It depends on the future trend.

View OriginalReply0

FlashLoanKing

· 01-02 17:47

The exchange is dead, but on-chain activity is alive, this contrast is incredible... --- 19 days of negative premium? This is the real market speaking. --- CEX trading volume halved, but Ethereum transaction count hit a new all-time high, it's really ironic. --- It's still a bit surprising that Solana has the highest fees; it seems TRON's growth is even crazier. --- The premium index has been negative for so long, holders are really fleeing. --- On-chain data is so strong, it shows that the real action is on-chain. What does the decline in CEX trading volume prove? --- Wait, is the appreciation of offshore RMB related to the performance of the crypto market during this period? --- 1.87 million transactions, far surpassing the NFT boom, indicating that the ecosystem is indeed accumulating. --- Looking at this data, it's clear that retail investors are fleeing, while whales and institutions are quietly acting on-chain. --- In the fee ranking, Solana and TRON are side by side, while Ethereum is in third place. Wow, this situation has changed.

View OriginalReply0

SchrodingerAirdrop

· 01-02 17:44

Trading volume plummeted 49%? What's going on with CEX, are retail investors all moving on-chain? Offshore RMB has risen again, are funds shifting elsewhere? ETH transaction count hit a record high, Solana fees are so high yet it still earns the most, wallet feels for the holders. Negative premium has persisted for so long, are institutions fleeing or bottom-fishing? Without trading volume, where's the market? Everyone's damn hibernating. SOL suddenly so aggressive, TRON is also competing, Ethereum is indeed being hit with a dimensionality reduction.

View OriginalReply0

RugpullTherapist

· 01-02 17:23

CEXs are dying, but the chain is still alive. The difference is so stark. Solana's fee revenue surpasses Ethereum. Should we discuss what this means... Negative premium for 19 days and no rebound yet? That's a bit concerning. Trading volume halved, but on-chain TXN hits a new high. Magical. Offshore RMB breaks 6.97. Does this have anything to do with us? CEXs are dying, but ETH is setting records. Irony.

View OriginalReply0

NFTDreamer

· 01-02 17:21

Exchanges are dead, but on-chain activity is alive. This wave of logic is a bit absolute. Is Solana so fierce that its fee revenue has surpassed Ethereum? Negative premium for 19 days and still not running, what are they waiting for? Trading volume plummeted 49%, but on-chain data hit a new high. Is this contradictory? Offshore RMB has broken above 6.97, money is quietly changing direction. Wait, Ethereum transaction count hit a new high? Maybe the things I believe in haven't started yet. CEXs are dead, but on-chain activity is thriving. The difference is quite significant, friends. How much business has Solana taken from Ethereum? Looking at this fee ranking, I’m convinced.

View OriginalReply0