Daily Fees Generated by Chain
Chain Fees - Ethereum's daily fee generation jumped roughly fivefold on 19 August to around $1.05M, briefly moving above Tron for the first time in the month shown, before easing back the next day. Solana's fees also printed their high for the window near $0.88M the same day.
The driver was the sharpest repricing of the month: the US Treasury's move to double its buybacks of longer-dated debt sent ETH up 19% in a day to above $2,300, outperforming BTC's 11% rise through $70K, and ended August's volatility lull, with seven-day BTC implied volatility jumping from 24% to over 40%. The surge is visible in the Uniswap V3 charts later in this report, where hourly transaction counts on Arbitrum roughly tripled from their recent base to above 10k on 19 August and hourly volumes reached near $149M, both highs for the window.
The spike coincided with a fourth straight day of inflows into US spot Ethereum ETFs, which took in about $219M on 20 August after $189M a day earlier, that prior session already the strongest since October 2025. BlackRock's ETHA drew roughly $173M of the total, with Fidelity's FETH adding $5.8M, Bitwise's ETHW $2.8M and VanEck's ETHV $1.7M.
Stablecoin Supply by Chain
Stablecoin Volume by Chain
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