In regards to bitcoin I believe he is correct. About 97% of the activity appears to be people on exchanges: https://seekingalpha.com/amp/article/4122695-bitcoi

In regards to bitcoin I believe he is correct. About 97% of the activity appears to be people on exchanges: https://seekingalpha.com/amp/article/4122695-bitcoin-series-2-usage https://seekingalpha.com/amp/article/4122695-bitcoin-series-... This mainly appears to be due to transaction times and high fees. I’d be interested to see a similar analysis for monero but that’s probably not easily doable due to its privacy features.