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Published

3 months ago

July 10, 2023

Stephen Douglas

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Supply of Bitcoin and Ethereum on Exchange Drops in June 2023, What Causes It?

Liputan6.com, Jakarta A Goldman Sachs report revealed that the supply of bitcoin (BTC) and ethereum (ETH) on exchanges fell in June 2023 as increased regulation and crime made investors prefer to keep crypto assets private.

Supply of bitcoin, the largest cryptocurrency by market cap, is down 4 percent, near December 2022 levels, itself the lowest since November 2020 and just before the start of the 2021 market bull run. Ether supply is down 5.8 percent to a level not seen since May 2018 .

“Major centralized spot exchanges are facing regulatory hurdles that alert investors, cyber-hacking and theft continue to be a concern across crypto markets, highlighting asset holders’ preference for self-storage,” Goldman Sachs said in the report, quoted from CoinDesk, Monday (10/7) /2023).

Specifically for Ethereum, Goldman Sachs added the withdrawal of staked ether has resulted in investors’ preference for staking ether, rather than passively holding exchanges.

Goldman noted June was also a month of record Bitcoin sales from miners as miners capitalized on the cryptocurrency’s strong performance. Total monthly BTC inflows from miners to exchanges almost doubled from May to USD 99 million or the equivalent of IDR 1.4 trillion (assuming an exchange rate of IDR 15,020 per US dollar). The bitcoin price has also risen nearly 12 percent in June.

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As Bitcoin transaction fees returned to normal in June after the network congestion seen in May, monthly address activity for bitcoin and ether saw an increase, up 15.5 percent and 37.5 percent, respectively.

The last month also saw an increase in new on-chain activity, with the average daily number of new addresses for bitcoin and ether increasing by 9.8 percent and 48.2 percent respectively, compared to the previous month.

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