Goldman Sachs has reported that on-chain statistics for May present a mixed outlook for bitcoin and ether adoption. While there have been few changes to ether balances across cohort groups, bitcoin addresses with balances of over 100,000 BTC have seen a 31% monthly decrease.

The spent output profit ratio (SOPR) for bitcoin has seen a number of spikes, indicating considerable profit taking in the spot markets.

Additionally, network congestion across both the Bitcoin and Ethereum blockchains has caused monthly address activity for bitcoin and ether to fall by 13.8% and 16.7% respectively.