# CRV economics: trading, rewards and liquid supply

CRV ranks 6 out of twelve by Ethereum trading volume relative to circulating market value.

This study follows CRV and eleven peer token series on Ethereum from 27 October 2024 to 26 October 2026. It connects exchange events, token transfers, reward claims and historical balances.

The findings below answer three questions: how much CRV trades, what supplies that trading, and where the tokens go.

- [CRV ranks sixth by circulating-cap turnover.](https://crv.ovchinnikov.co/#turnover) CRV’s two-year pool volume is 1.74 times average circulating market value.

- [The saved DEX figure described a different market.](https://crv.ovchinnikov.co/#provider) 98.2% of the fallback figure was centralized spot-exchange volume.

- [Liquid supply grew.](https://crv.ovchinnikov.co/#supply) The liquid float increased by 340 million CRV.

- [Trading inventory supplies most first sales.](https://crv.ovchinnikov.co/#sources) Earlier purchases and exchange withdrawals dominate the source accounts.

- [Most purchases stay outside exchanges for a month.](https://crv.ovchinnikov.co/#carriage) 21.8% of purchases reaches exchanges within thirty days.

- [Reward yield is only part of the return.](https://crv.ovchinnikov.co/#returns) Staked cvxCRV earned $296 of income but lost $157 overall.

- [The dollar association changes in token units.](https://crv.ovchinnikov.co/#association) Monthly changes in funding and token volume have rank correlation 0.02.