Supply of bitcoin ( BTC ) and ether ( ETH ) on exchanges dropped in June. Due to increased regulations and increased crime. This has caused people to hold their own coins, according to Goldman Sachs (GS) in a report Tuesday citing data on the network.
Supply of bitcoin, the largest digital currency by market cap, fell 4% to near December 2022 levels, the lowest level since November 2020 – and just before the start of the 2021 bull market, ether supply on The exchange fell 5.8% to levels not seen since May 2018.
“An important centralized spot trading website. It is facing regulatory hurdles which keep investors awake. Cyber hacking and theft remain an issue in the crypto market, highlighting the popular phrase ‘not your keys, not your coins’.
‘And especially for ether, the availability of withdrawals of staked ether has resulted in investors choosing to stake more instead of holding it on exchanges,’ the report said.
Goldman noted that June was a record month in the hands of Bitcoin miners due to the cryptocurrency’s rising price, with BTC flowing from miners to exchanges nearly doubling from May.
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