đOdaily Planet Daily News! IntoTheBlock released the Q2 market report, Bitcoinđ„ is hot! Network fees increased by 60.8%, and CEX Bitcoin net inflows reached $150 million. Although Bitcoin and Ethereum fell by 12.8% and 3.1% respectively, Bitcoin miners sold reserves at the fastest rate in more than a year. Since June, miners have sold more than 30,000 Bitcoins (about $2 billion), and the Bitcoin network computing power fell by about 15% last month.
đFor Ethereum, although fees fell by 62.8% and ETH outflowed $3.4 billion, 78% of ETH was held by long-term holders (Hodlers), and nearly four-fifths of ETH holders held it for more than a year. The number of L2 transactions increased by 4 times, and the number of transactions on the top three L2 networks (Arbitrum, Base and Optimism) quadrupled in one year.
đźOverall, the impact of the growth in Ethereum demand has penetrated into L2, which will be beneficial to the long-term development of the network, but will have little impact on ETH assets in the short term. The upcoming Ethereum spot ETF may have a greater substantial impact on ETH. Since the ETH supply is highly concentrated in the hands of long-term participants, if the inflow of the Ethereum ETF is comparable to that of the Bitcoin ETF, it may have a huge impact. Let us look forward to greater development of Bitcoin! đ