Bitcoin holders were profitable in May: Goldman Sachs | CoinDesk JAPAN | CoinDesk Japan

Goldman Sachs said May’s on-chain statistics show a mixed picture for Bitcoin (BTC) and Ethereum (ETH) in a June 5 report.

While the cohort group’s Ethereum balances remained largely unchanged, bitcoin addresses with balances of 100,000 BTC or more saw a 31% monthly decline, the report said.

Bitcoin’s SOPR (Spent Output Profit Ratio), which indicates the degree of realized profit, surged several times during the month to reach the level not seen since December 2020, indicating that “the spot market has taken significant profits. suggests,” said the bank.

The amount of bitcoin held on cryptocurrency exchanges plummeted by 12%, while the supply of ethereum saw a slight increase, according to a major Wall Street bank.

Network congestion on both the Bitcoin and Ethereum blockchains was also a major focus in May, the bank said. As a result, rising transaction fees dampened user activity, with Bitcoin and Ethereum monthly address activity down 13.8% and 16.7%, respectively.

Bitcoin’s average hash rate continued to hit all-time highs in May, rising 5.4% over the month, while miner revenue increased 16.4%, the report added.

Hashrate refers to the total computing power used for mining and processing transactions on a proof-of-work blockchain like Bitcoin.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Shutterstock
｜Original: Bitcoin Saw Heavy Profit Taking in May: Goldman Sachs