In a recent report by Goldman Sachs, on-chain statistics for May revealed a mixed picture concerning the adoption of Bitcoin BTC/USD and Ether ETH/USD. The report noted a 31% monthly decrease in Bitcoin addresses with balances exceeding 100,000 BTC, while changes to Ether balances remained largely unchanged, CoinDesk reports.
The Spent Output Profit Ratio (SOPR) for Bitcoin, a metric indicating the degree of realized profit, experienced several spikes throughout May, reaching levels unseen since December 2020. This suggests significant profit-taking in the spot markets, according to Goldman Sachs.
The Wall Street giant also noted a sharp 12% decline in the amount of Bitcoin held on exchanges, while Ether supply saw a slight increase. Network congestion on both the Bitcoin and Ethereum blockchains was a key focus in May, causing monthly address activity for Bitcoin and Ether to drop by 13.8% and 16.7% respectively, due to higher transaction fees deterring user activity.
The report further highlighted that the Bitcoin average mean hash rate, which refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, continued to surpass its all-time high in May, gaining 5.4% during the month. This led to an increase in miner revenues by 16.4%.
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