Goldman Sachs
June 3, 2026
Crypto Monthly On-Chain and Market Data
Monthly UpdateCryptoInformation Technology
May 2026 was marked by a divergence in digital asset markets, where Bitcoin and Ethereum saw net ETF outflows and price declines, while Solana attracted inflows ahead of its upcoming Alpenglow upgrade.
Key Takeaways
- 1.Crypto ETF flows diverged in May: BTC and ETH saw net outflows of -$2.5bn and -$576.6mm respectively, while SOL saw a net inflow of +$115.3mm.
- 2.Ethereum is undergoing a strategic debate following Vitalik Buterin's proposal for a 'Lean Ethereum' model using the 'CROPS' framework.
- 3.Bitcoin network activity was positive with transaction counts up 15.5% MoM, despite a -3.5% MoM price decline.
Table of Contents
- What caught our eye
- BITCOIN
- MARKET DATA
- NETWORK ACTIVITY
- MINER ECONOMICS
- ETHEREUM
- STAKING ECONOMICS
- SOLANA
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Authors
Dominika NestarcovaWon Gi Hong
Securities
BTCETHSOL
Themes
ETF Outflows vs InflowsEthereum Strategic Pivot (CROPS)Layer 1 Network Upgrades
Regions
GlobalAsia PacificUnited StatesSingapore