 Knowing the current state of market volume is important, but you should always remember to ask: which kind of volume? Network volume concerns only the volume actually being recorded on the blockchain. Exchange volume, by contrast, accounts for the amount of funds being traded back and forth in crypto marketplaces. Thus, we have two types of volumes: onchain and offchain. As a rule of thumb, more onchain volume could indicate higher network use while more offchain volume may point to increased speculation. Looking at bitcoin’s past month, we observe both convergences and divergences. August 12th saw onchain volume decrease alongside a sharp rise in offchain volume. This could signal that users are selling due to downward price pressure and abstaining from actually transacting on the network. For more research insights check out the CoinDesk Research section here. | 
