The bitcoin price settles at the buy-and-hold level of investors acquiring in the last 12 months, which is $37.5k, while the Ethereum price is still above its price floor. This suggests demand for Ethereum continues to grow but is currently flat for bitcoin, although not declining.

A significant decline in on-chain exchange users appears to have halted. The number of active deposit addresses, across all exchanges, peaked at 287k per day for bitcoin in May, and is currently 145k per day. For Ethereum this peaked at 50k per day in May and is currently 16.5k per day. Such large declines show just how much activity has been taken out of the market but at least activity has now stabilised.

Bitcoin has started to flow from traders to investors again, reducing liquidity. This may bring more stability to prices after liquidity increased suddenly as prices fell in May and investors sold to traders.

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