The basic concept of measuring trade volumes to network transaction volumes was floated by Bretton Vine in January 2017 to the cryptocoins mailing list, and independently published as a named metric by Willy Woo in February 2017, and then taken up by Coinmetrics team who have done the most work on this type of analysis since.
You can see other versions this analysis at:
This is an important indicator of speculative interest versus network usage.
The first chart is a home-grown implementation using data collected from blockchain.info and coinmarketcap.com.
It compares trade volumes with network transaction volumes.
It's possible some of the trade volumes result in transactions on other blockchains.
This chart is always 24 hours behind, aka 'a day late' in illustration because the data sources are a day behind.
To zoom in on a date range, select with mouse.
The second chart uses data provided by Coinmetrics.
Please be sure to review their disclaimer on this metric with their data, because measuring transactions gives 5x more volume than if you have insight into change transactions by virtue of being the largest wallet provider, as with the data from blockchain.info above.
This chart is always 24 hours behind, aka 'a day late' in illustration because the data sources are a day behind.
To zoom in on a date range, select with mouse.
2017-12-14: Theming added, re-ordering page slightly.
2018-08-05: new dedicated charts site launched
2019-05-02: Blockchain.com and Coinmarketcap.com data feeds have issues and need a complete rewrite for changes
2019-07-17: Coinmetrics chart offline as changed data files and need new source exchange trade volumes