IntoTheBlock releases Q2 market report, the key points are as follows:

1. In terms of network fees, the cost of Bitcoin increased by 60.8%, while that of Ethereum decreased by 62.8%.

2. Exchange data revealed that the net inflow of CEX Bitcoin reached US$150 million (there was an outflow of US$3.5 billion in Q1), while the net outflow of ETH was US$3.4 billion (the outflow in Q1 was US$4 billion).

3. Recently, the price of Bitcoin fell by 12.8%, and Ethereum fell slightly by 3.1%.

4. Miners have accelerated the sale of Bitcoin reserves. Since June, they have sold more than 30,000 Bitcoins (worth approximately US$2 billion), resulting in a decline of approximately 15% in network computing power.

5. Long-term holders control 78% of ETH, and nearly 80% of holders have held positions for more than one year.

6. L2 transactions have grown significantly, with the number of transactions on the top three L2 networks quadrupling within one year. The growth in demand for Ethereum is penetrating into L2, which is good for the long term but has limited impact on ETH in the short term. The upcoming Ethereum spot ETF may have a greater material impact, because ETH supply is concentrated among long-term players, and if inflows are comparable to Bitcoin ETFs, the impact will be significant.