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Through on-chain analysis, some analysts at CoinMetrics were able to identify what time some of the top blockchains are busiest by users. In the analysis: Bitcoin, Ethereum, USDT and USDC.

Opening and closing of stock exchanges

The charts were also divided with the trading hours (opening and closing of the stock exchanges) of the main stock markets in the world:

  • 01:30h – 08:00h (UTC) – Hong Kong Stock Exchange (HKSE)
  • 08:00h – 16:30h (UTC) – London Stock Exchange (LSE)
  • 14:30h – 21:00h (UTC) – New York Stock Exchange (NYSE)


An interesting fact concerns the peak times in the use of the two largest stablecoins by market capitalization: TetherUSD (USDT) and CircleUSD (USDC).

Analysts have noted that USDT is mostly used between 08:00h – 15:00h (UTC), which would be the equivalent of 5:00 am – 12:00 pm (BRT) and is the opening hours of the London stock market.


Tether’s Stablecoin also has a relevant use during the Hong Kong stock market, with higher activity closer to its close.

“Update frequency on USDT and USDC balances per hour (UTC)” Source: CoinMetrics

USDC, on the other hand, operates on the other spectrum, with a very relevant spike in blockchain activity at the closing of the LSE and the opening of the NSYE, which could even indicate some kind of utility for arbitrage or dollar remittances across the Atlantic. Between 1:00pm – 4:00pm (UTC), Circle’s stablecoin undergoes major balance changes.

While NSYE remains open and USDT movement “sleeps”, investors are moving USDC very actively.

What time do people use Bitcoin?

already the Bitcoin (BTC), the leading cryptocurrency by market capitalization, follows a similar pattern to the USDC, with strong activity in the transition between the London stock market and the New York stock market.

Between 11:00h – 22:00h (UTC), or 08:00h – 19:00h in Brasilia time.

“Update frequency on BTC balances per hour (UTC)”
“Update frequency on BTC balances per hour (UTC)” Source: CoinMetrics

Its use also seems to be closely tied to the NYSE trading floor, which explains, in part, its high price correlation with indices like the S&P500 and NASDAQsince the assets end up being highly busy at very similar times.

Know more: Bitcoin and Nasdaq are the worst performing assets in 2022

Surprisingly, BTC is very little busy during Asian business hours.

What time do people use Ethereum?

O Ethereum (ETH) has an interesting behavior and a little different from the other three analyzed cryptocurrencies. Their usage peaks are not a constant, but they are positioned exactly above the lines that mark the openings and closings of trading sessions.

Which could mean that ETH traders are heavily active on gaps in these traditional markets.

“Update frequency in ETH balances per hour (UTC)”
“Update frequency in ETH balances per hour (UTC)” Source: CoinMetrics

Its use is also more uniform, throughout the hourly spectrum and the highest concentration occurs between 07:00h – 09:00h (UTC) – or 04:00h – 06:00h in Brazil.

Read more:

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