Is dia crypto’s on-chain activity growing quarter over quarter?

The on-chain activity for DIA, as measured by trading volume, has shown a general decline over the past four quarters. Here's a detailed analysis:

1. **Quarterly Trading Volume**: The trading volume for DIA has decreased from 217.42 million shares on September 30, 2024, to 160.89 million shares on August 25, 2025. This indicates a downward trend in on-chain activity over the past year.

2. **Comparison with Benchmark**: The benchmark for DIA, the Dow Jones Industrial Average (DJIA), has shown a general upward trend in price and yield performance over the same period. Despite this, the ETF's on-chain activity has not kept pace with the benchmark's performance.
3. **Market Context**: The overall market context suggests that while there may be fluctuations in specific sectors or asset classes, the broader market trend does not necessarily indicate growth in on-chain activity. For instance, the SPDR S&P 500 Trust (NYSEARCA:SPY) experienced an outflow of $2.73 billion for the week ending August 22, 2025, despite the index's positive performance.

In conclusion, based on the available data, DIA's on-chain activity is not growing quarter over quarter. Instead, it appears to be declining, which is at odds with the positive performance of the benchmark index. This could be indicative of broader market trends or shifts in investor behavior that are not aligned with the growth of on-chain activity.