All the major ETFs are spot ETFs, meaning any purchases through these funds result in actual BTC being bought on-chain. So while the ETFs may have had some impact in reducing active users, it's not like these transactions aren't counting towards this data. Also the big decline in active users really began in April, multiple months after the ETFs launched and after all the influx of users moving to these products.
All the major ETFs are spot ETFs, meaning any purchases through these funds result in actual BTC being bought on-chain. So while the ETFs may have had some impact in reducing active users, it's not like these transactions aren't counting towards this data. Also the big decline in active users really began in April, multiple months after the ETFs launched and after all the influx of users moving to these products.
Apparently from the diagram, the growth of active addresses has clearly taken a downturn since the introduction of the etfs.
All the major ETFs are spot ETFs, meaning any purchases through these funds result in actual BTC being bought on-chain. So while the ETFs may have had some impact in reducing active users, it's not like these transactions aren't counting towards this data. Also the big decline in active users really began in April, multiple months after the ETFs launched and after all the influx of users moving to these products.
Wouldn't the rise of ETFs be the cause for declining onchain addresses/transactions?
All the major ETFs are spot ETFs, meaning any purchases through these funds result in actual BTC being bought on-chain. So while the ETFs may have had some impact in reducing active users, it's not like these transactions aren't counting towards this data. Also the big decline in active users really began in April, multiple months after the ETFs launched and after all the influx of users moving to these products.
When Will Retail Start Buying Bitcoin? I'd imagine after the US Election, through to Thanksgiving and beyond!
Probably not a bad guess!