Bitcoin on-chain data shows an institutional trend, Ethereum regains the top position in revenue.

In June 2025, mainstream public chain on-chain data presents a new pattern. Ethereum has regained the top position in fee revenue, generating over $39 million in a single month, solidifying its dominant position in high-value interaction scenarios. Driven by multiple favorable factors, Ethereum continues to attract a large amount of capital, reinforcing its status as a high-value settlement network. Solana's trading volume reached 2.9 billion transactions, with 4.8 million active addresses and fees of $30.54 million, demonstrating strong ecological stickiness. Base's revenue fell back to $4.87 million, with 1.71 million active addresses and nearly 300 million transactions, firmly maintaining its leadership in Layer 2.

Despite Bitcoin being in a high-level fluctuation, on-chain data shows that the market structure is accelerating its transformation: the number of transactions is decreasing while the average amount is increasing, reflecting a decline in retail investor activity and an increase in institutional dominance. High-value transactions account for 89%, and on-chain activity is moving towards a "high-value settlement network". The 93,000-100,000 USDT range is the main cost-intensive zone, forming a key support. If this range is maintained, there is still room for upward movement; a breach could trigger a structural correction.

In terms of hot projects, PumpSwap and Sei are receiving much attention. PumpSwap is the fastest-growing Meme trading platform on Solana, with a trading volume exceeding $38 billion, over 9 million active addresses, and a market share rising to the second position among DEXs. Sei's TVL has first broken $600 million, with a daily trading volume of $94 million, propelled by policy support and ETFs, jumping to the forefront of high-performance public chains. The community enthusiasm for the SEI token has surged, with mentions on social platforms and the number of creators increasing by over 300% in three months, and significant improvement in interaction participation.

![June 2025 On-chain Data Interpretation: Ethereum Reclaims Top Income Spot, Bitcoin Institutional Trend Strengthens](https://img-cdn.gateio.im/webp-social/moments-3ee2c54d590ea2e6ee423c84f6ba1996.webp01

![June 2025 On-chain Data Interpretation: Ethereum Regains Revenue Top Spot, Bitcoin Institutionalization Trend Strengthens])https://img-cdn.gateio.im/webp-social/moments-3c8a576eb648a161d4601e1e8be4bfb5.webp(

Overall, on-chain revenue, user structure, and hot ecosystems are being reshaped in sync, with the crypto market shifting from a technology-driven approach to an application-driven one. In the future, attention should be paid to the funding support of high-frequency scenarios and changes in user stickiness on mainstream public chains.