US Goldman Sachs, one of the world's largest investment banks, said in a report published today that Bitcoin (BTC) and Ethereum (ETH) supply on exchanges, based on on-chain data, increased regulatory pressure and predominantly self-hiding is preferred. reported that it fell by large proportions in June with the beginning of the year.


BTC and ETH Supply on Exchanges at Recent Lows
According to the report published by Goldman Sachs, the supply of BTC, the largest cryptocurrency by market capitalization, fell by 4 percent in June to December 2022 levels, the lowest level seen since November 2020, and to levels just before the start of the 2021 bull market. approached. The supply of ETH, which is the largest altcoin by market capitalization, fell by 5.8 percent in the same period to levels not seen since May 2018.

Noting that this trend is supported by a number of factors, the banking giant said, “Large central spot exchanges are facing regulatory headwinds that have alarmed investors. Cyber attacks and theft continue to be a concern for the cryptocurrency market. Asset holders have turned to self-hiding in line with the popular saying 'if you don't have the keys, the coins are not yours'. In particular, the initiation of withdrawals of ETH staked for Ethereum has caused investors to turn to staking rather than holding their coins on exchanges.” it was said.
According to market watchers, the drop in the supply of BTC and ETH on the exchanges to the lowest level in recent years can be considered a positive signal for the price, as it can prevent potential selling pressure.
Bitcoin Miners Close The Month With Record BTC Sales
According to Goldman Sachs, June was a record month in sales of Bitcoin miners, and miners took the strong performance of the largest cryptocurrency as an opportunity to sell. In the report, it was stated that the total monthly BTC inflows from miners to exchanges reached $ 99 million, almost doubling compared to May. According to price data, the price of Bitcoin rose by about 12 percent at that time.
The report also added that after the network congestion in the Bitcoin network in May, transaction fees returned to normal in June, while monthly address activity for BTC and ETH recovered, increasing by 15.5 percent and 37.5 percent, respectively. Goldman Sachs added that the average daily ETH burn fell by 65.1 percent, and the average daily transaction fee decreased by 63.3 percent compared to the previous month. In addition, it was stated that the on-chain activity of both crypto money networks increased significantly, and the average number of new addresses created daily for Bitcoin and Ethereum increased by 9.8 percent and 48.2 percent compared to a month ago.
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SAVASvip
· 2023-07-04 18:13
thanks. nice information
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