Ethereum’s L2 Surge and Bitcoin’s Miner Exodus: Key On-Chain Trends in Q2 2024
- Bitcoin’s halving in April reduced its issuance rate, yet prices declined as long-term holders took profits.
- Ethereum ETFs approved by the SEC boosted prices, reflecting strong long-term investor confidence.
- Government Bitcoin sales and miner sell-offs contributed to Bitcoin’s price drop during the quarter.
The second quarter of 2024 brought about substantial changes in the crypto market. Bitcoin and Ethereum experienced price declines despite major events, including Bitcoin’s halving and the approval of Ethereum ETFs. Crypto prices struggled, with Bitcoin falling 12.8% and Ethereum 3.1%. Here’s an analysis of key on-chain developments for Bitcoin and Ethereum during this quarter.
To wrap up Q2 of this year, we dive into the key on-chain developments that shaped this quarter.
— IntoTheBlock (@intotheblock) June 29, 2024
Read our full analysis below
https://t.co/DWF0xKTmYZ
The Bitcoin halving on April 20 reduced its annual issuance rate from 1.7% to 0.85%. However, Bitcoin’s price continued its downward trend. The halving was likely already factored into the price, with Bitcoin reaching an all-time high prior. Long-term holders took profits, contributing t…
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