Bitcoin network fees surged 60.8% in Q2, and Ethereum network fees plummeted 62.8%: Analysis of crypto market trends:
1. Network fees: Bitcoin fees increased 60.8%, and Ethereum fees fell 62.8%;
2. Net exchange flow: CEX Bitcoin net inflow reached $150 million (Q1 outflow of $3.5 billion); ETH outflow of $3.4 billion (Q1 outflow of $4 billion);
3. Bitcoin and Ethereum fell 12.8% and 3.1% respectively;
4. 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 Bitcoin network computing power fell by about 15% last month;
5. 78% of ETH is held by long-term holders (Hodlers), and nearly four-fifths of ETH holders have held it for more than a year;
6. The number of L2 transactions increased by 4 times: In the top three L2 networks (Arbitrum, Base, and Optimism) has quadrupled in a year.
Overall, the impact of the growth in Ethereum demand has permeated to L2, which will benefit the network in the long term, but will have a smaller impact on ETH assets in the short term. The upcoming Ethereum spot ETF may have a greater substantive impact on ETH. Since ETH supply is highly concentrated in the hands of long-term participants, if the inflow of Ethereum ETF is comparable to that of Bitcoin ETF, it may have a huge impact.
