Goldman Sachs released a report Tuesday in which it analyzes on-chain data. In this report, he draws attention to the decline in the supply of BTC and ETH on exchanges in June. Also, according to the report, inventory sales of Bitcoin miners broke records as they took advantage of the strong performance of the coin. So what does this mean for these cryptocurrencies?
BTC and ETH on exchanges fell in June
cryptocoin.com As we reported, Goldman Sachs published a report today, referring to on-chain data. In this report, he said that the supply of Bitcoin (BTC) and Erhereum (ETH) on exchanges fell in June. He noted that increasing regulations and crimes were instrumental in this decline, as persuading holders to opt for self-custody.
According to the report, the supply of Bitcoin, the largest cryptocurrency by market cap, fell 4%. Thus, it approached the December 2022 level, which is the lowest level since November 2020. On the other hand, it was at the level just before the start of the 2021 bull market. Ethereum supply fell 5.8% to levels not seen since May 2018. In this context, Goldman provides the following statement in the report:
Major central spot exchanges are facing regulatory headwinds that have alarmed investors. Cyber attacks and theft continue to be a concern in the crypto markets. He emphasizes the ‘self-custody’ preference in line with the popular adage of wealth holders ‘not your keys, not your cryptocurrencies’. Also, specifically for Etheruem, enabling staked ETH withdrawals has resulted in investors choosing to stake ETH rather than hold it passively on exchanges.
Bitcoin miners’ sales soared
Meanwhile, Goldman notes that June was a record month for Bitcoin miners’ inventory sales. He also notes that miners benefit from the strong performance of the cryptocurrency. He says total monthly BTC inflows from miners to exchanges have nearly doubled compared to May. He notes that during this process, BTC inflows reached $99 million. In the process, the price of Bitcoin rose by almost 12%.
BTC and ETH address activity spikes
According to the report, transaction fees returned to normal in June after network congestion seen in May. Monthly address activity for Bitcoin and Ethereum increased by 15.5% and 37.5%, respectively. This shows that there is a recovery. Goldman states that the average daily ETH burn has dropped by 65.1%. It also notes that the average daily wages decreased by 63.3% compared to the previous month. The note also highlights an increase in new on-chain activities last month. In this context, he states that the average daily number of new addresses for BTC and ETH has increased by 9.8% and 48.2% compared to a month ago.
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