Goldman Sachs report: The amount of Bitcoin held by exchanges fell 12% in May

Binance News · 2023-06-06T10:08:13.000Z

Goldman Sachs (GS) said in a report that the number of Bitcoin held on exchanges fell by 12% in May, while the supply of Ethereum increased slightly. The bank said network congestion on the Bitcoin and Ethereum blockchains was a reason in May, which caused monthly address activity to drop by 13.8% and 16.7% respectively. The report added that Bitcoin’s average average hash rate continued to break through all-time highs in May, growing by 5.4% during the month, and miner revenue increased by 16.4%. (CoinDesk)

Goldman Sachs (GS) said in a report that the amount of Bitcoin held on exchanges fell 12% in May, while the supply of Ethereum increased slightly. The bank said network congestion on the Bitcoin and Ethereum blockchains was a factor in May, which led to a 13.8% and 16.7% drop in monthly address activity for Bitcoin and Ethereum, respectively. The report added that Bitcoin's average hash rate continued to break new all-time highs in May, increasing 5.4% for the month, and miner revenue increased 16.4%. (CoinDesk)