Bitcoin Saw Heavy Profit Taking in May: Goldman Sachs
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On-chain statistics for May show a mixed picture regarding bitcoin (BTC) and ether (ETH) adoption, Goldman Sachs (GS) said in a report on Monday.
Changes to ether balances across cohort groups have been largely unchanged, but bitcoin addresses with balances of more than 100,000 BTC seeing a monthly decrease of 31%, the report said.
The spent output profit ratio (SOPR) for bitcoin, which indicates the degree of realized profit, saw a number of spikes during the month, reaching levels not seen since December 2020, “suggesting that considerable profit taking has taken place in the spot markets,” the bank said.
The amount of bitcoin held on exchanges saw a steep decline of 12%, while ether supply saw a slight gain, the wall street giant noted.
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