Bitcoin ETF

Bitcoin

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<p>The cryptocurrency market is <a href="https://twitter.com/santimentfeed/status/1755022936996741374" rel="noopener noreferrer nofollow">witnessing</a> a downturn in Bitcoin wallet activity, even after the Securities and Exchange Commission's (SEC) recent approval of 11 spot Bitcoin exchange-traded funds (ETFs).</p>
<p>Data from Santiment, a blockchain analytics firm, shows a continued decline in the number of Bitcoin wallets holding more than zero coins, nearly four weeks following the landmark ETF approvals.&nbsp;</p>
<p>This trend points towards growing fear, uncertainty, and doubt (FUD) among investors, along with a shift in interest towards alternative investment options, away from direct Bitcoin ownership.</p>
<h2 id="a-decline-in-active-addresses">A decline in active addresses&nbsp;</h2>
<p>Detailed data from IntoTheBlock <a href="https://app.intotheblock.com/coin/BTC/deep-dive?group=ownership&amp;chart=all" rel="noopener noreferrer nofollow">reveal</a> a notable decline in daily active addresses, new addresses, and active addresses, alongside an increase in zero balance addresses.&nbsp;</p>
<p>Over the last week, daily active addresses saw a sharp decrease of 35.95%, with new addresses and active addresses falling by 5.99% and 24.40%, respectively.&nbsp;</p>
<p>Even more telling is the total number of Bitcoin addresses, which has been relatively stagnant, showcasing a minor fluctuation within the 30-day period, from a high of 51.93 million to a low of 51.45 million addresses.&nbsp;</p>
<h2 id="a-conflicting-narrative">A conflicting narrative&nbsp;</h2>
<p>The narrative <a href="https://u.today/scaramucci-slams-negative-coverage-of-bitcoin-etf-launch" rel="noopener noreferrer nofollow">surrounding the Bitcoin ETF</a> launch has been a mix of excitement and skepticism. Anthony Scaramucci, a prominent figure in the cryptocurrency space, has vocally criticized the negative media coverage following the ETF approvals.&nbsp;</p>
<p>He disputes the pessimistic outlook by highlighting the substantial $5 billion ETF debut, challenging detractors on their definition of success.&nbsp;</p>
<p>This division extends to financial institutions like LPL Financial where a cautious approach is being adopted. &nbsp;</p>

Bitcoin Wallet Activity Dips Despite ETF Approvals

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