Moreover, miners have offloaded over 30,000 BTC in June alone, which amounts to near $2 billion. Again, the halving could be tied to this movement, as profit margins for miners decreased since then.
In contrast, Ethereum saw a modest decline of 3.1%, a feat made possible by the approval of spot ETH exchange-traded funds in the US, the analysts highlighted. This event boosted Ethereum’s price by over 10%, as those investment products are expected to attract substantial investment, mirroring the inflows seen with Bitcoin’s ETFs.
Additionally, Ethereum’s landscape was notably different, with an increase in transactions on layer-2 blockchains like Arbitrum, Base, and Optimism, following the integration of EIP-4844.
This development introduced the “blobs”, which significantly reduced transaction fees for layer-2 blockchains and encouraged greater on-chain activity. Therefore, this potentially prepared the stage for long-term network benefits despite a short-term decrease in fee revenue.