Hi HODLers and Hiveans,
July is expected to be a good month for the crypto sector as we should have some positive news on the legal battles with the SEC and the US politicians. Other metrics have also been showing improvments in June.
The supply of bitcoin (BTC) and ether (ETH) on exchanges fell in June as ramped-up regulation and crime persuaded holders to prefer self custody, Goldman Sachs (GS) said in a report Tuesday, citing on-chain data.
First of all, it is creazy to read that Goldman Sachs is now monitoring $BTC and $ETH supplies and also writing investment research reports on these cryptocurrencies!
Imagine if somebody would have told you this back in 2017-2018! You would not have believed it.
Supply of bitcoin, the largest cryptocurrency by market cap, dropped 4%, nearing the level of December 2022, itself the lowest since November 2020 – and right before the start of the 2021 bull market, the report said.
- Ether supply slid 5.8% to levels not seen since May 2018.
Also, Bitcoinminers took advantage of the positive Bitcoin prices to sell off a lot of their inventory ad they are currently in great financial shape!
Goldman noted that June was a record month for bitcoin miners’ inventory sales as miners took advantage of the cryptocurrency’s strong performance. Total monthly BTC inflows from miners to exchanges almost doubled from May to $99 million, it said. The bitcoin price rose almost
Acitivy is also on the rise with the daily average new address count for bitcoin and ether increasing by 9.8% and 48.2% compared with a month earlier.
It seems like we are close to another leg up if Stock and Financial Markets can sustain their momentum. Let's see!
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