The Crypto Roundup: 05 July 2023 | CryptoCompare.com

The supply of both Bitcoin (BTC) and Ethereum (ETH) on cryptocurrency exchanges contracted in June, as investors gravitated towards self-custody solutions as regulations ramped up.

According to a report from Goldman Sachs citing on-chain data, the supply of the largest cryptocurrency by market capitalization, Bitcoin, tumbled on exchanges by 4%, approaching levels recorded in December 2022. This was the lowest level witnessed since November 2020, immediately prior to the 2021 bull market.

Goldman Sachs’ report also noted that Ether’s supply on exchanges dropped by 5.8%, reaching a level that hasn’t been seen since May 2018. This propensity towards self custody is propelled by a convergence of factors, the banking giant stated. These include spot exchanges facing regulatory headwinds, and cyber hacks and theft remaining a concern.

For Ether specifically, Ether staked Ether withdrawals have “resulted in investors’ preference to stake ether, instead of passively holding on exchanges.”

According to Goldman’s report, June witnessed an unprecedented volume of Bitcoin inventory sales by miners, who seized the opportunity provided by the cryptocurrency’s positive price performance. The total monthly influx of Bitcoin from miners to exchanges almost doubled from the previous month, reaching $99 million

In the wake of a normalization of transaction fees in June, following the network congestion observed in May, there was a resurgence in monthly address activity for both Bitcoin and Ether, which grew by 15.5% and 37.5% respectively, Goldman’s report noted.

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
• Source: https://www.cryptocompare.com/email-updates/daily/2023/jul/05/