According to Odaily, IntoTheBlock has released its Q2 market report, highlighting several key points. Bitcoin fees have seen an increase of 60.8%, while Ethereum fees have decreased by 62.8%. The net inflow of Bitcoin to CEX reached $150 million, a significant change from the $3.5 billion outflow in Q1. Ethereum, on the other hand, saw an outflow of $3.4 billion, slightly less than the $4 billion outflow in Q1.
Bitcoin and Ethereum fell by 12.8% and 3.1% respectively. Bitcoin miners have been selling their reserves at the fastest rate in over a year. Since June, miners have sold more than 30,000 Bitcoins, approximately $2 billion. The Bitcoin network's computing power fell by about 15% last month.
78% of Ethereum is held by long-term holders, with nearly three-quarters of Ethereum holders having held for over a year. The number of L2 transactions has quadrupled, with the number of transactions occurring on the top three L2 networks (Arbitrum, Base, and Optimism) doubling within a year.
Overall, the impact of Ethereum's growing demand has permeated L2, which will benefit the network's long-term development. However, the short-term impact on Ethereum assets is minimal. The upcoming Ethereum spot ETF could have a more substantial impact on Ethereum, as Ethereum's supply is highly concentrated among long-term participants. If the inflow of the Ethereum ETF is comparable to that of the Bitcoin ETF, it could have a significant impact.
