Bitcoin Saw Heavy Profit Taking in May: Goldman Sachs

On-chain statistics for May show a mixed picture regarding bitcoin and ether adoption, Goldman Sachs said in a report on Monday.

Changes to ether balances across cohort groups have been largely unchanged, but bitcoin addresses with balances of more than 100,000 BTC seeing a monthly decrease of 31%, the report said. for bitcoin, which indicates the degree of realized profit, saw a number of spikes during the month, reaching levels not seen since December 2020, “suggesting that considerable profit taking has taken place in the spot markets,” the bank said.

The amount of bitcoin held on exchanges saw a steep decline of 12%, while ether supply saw a slight gain, the wall street giant noted.across both the Bitcoin and Ethereum blockchains was also a key focus in May, the bank said. This caused monthly address activity for bitcoin and ether to fall by 13.8% and 16.7% respectively, as user activity was deterred by higher transaction fees.

The bitcoin average mean hash rate continued to push past it's all time high in May, gaining 5.4% during the month, with miner revenues increasing by 16.4%, the report added.

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

'Talk2Satoshi' — Developer Launches Unique AI Chatbot Infused With Bitcoin Knowledge – Bitcoin NewsThe chatbot sets itself apart by being trained on resources specifically focused on Bitcoin and its enigmatic founder, Satoshi Nakamoto.
Source: BTCTN - 🏆 531. / 51 Read more »

Former Bitmex CEO Arthur Hayes Predicts Bitcoin Bull Market as US Economy Worsens – Bitcoin NewsArthur Hayes, economic analyst and former CEO of Bitmex, has predicted the imminent coming of a bitcoin bull market as the economic variables of the US worsen later this year.
Source: BTCTN - 🏆 531. / 51 Read more »

Bitcoin Interest Hits Rock Bottom: Google Trends Data Shows Lowest Score in 7 Months – Bitcoin NewsAccording to Google Trends, worldwide interest surrounding the term bitcoin has plummeted to its lowest point since October 2022.
Source: BTCTN - 🏆 531. / 51 Read more »

BNB Plunges 9% as Binance Faces Lawsuit, Exchange's Bitcoin Reserves Record Significant Outflow – Bitcoin NewsBinance's BNB token suffered significant losses, dropping by 9.7% against the dollar in response to the SEC's allegations.
Source: BTCTN - 🏆 531. / 51 Read more »

Crypto Investors Lost $54M to Rugpulls, Scams in May: Blockchain Security Firm De.FiMay was a turbulent month for the cryptocurrency market. We witnessed a wave of scams and hacking incidents that resulted in cumulative losses of over $54 million, a DeDotFi report shows. Good news? It's only half of April's $101.5 million loss.
Source: CoinDesk - 🏆 291. / 63 Read more »