- The number of BTC active addresses has been decreasing since the ETF began operations.
- However, the amount of BTC token remittances is increasing, indicating high interest from institutional investors.
amount of bitcoin [BTC] Since the US SEC approved all spot ETF applications on January 10th, token transfers have continued to increase despite the poor price performance of major coins.
new reportYonsei Dent, an analyst at CryptoQuant, found that BTC’s price performance after ETF approval has led to a decline in the number of active addresses participating in transactions involving crypto assets.
According to data from cryptoquantSince January 10th, the daily number of unique active addresses engaging in BTC transactions as senders or receivers has decreased by 13%.
Dent opined that the drop in BTC network activity “cannot necessarily be seen as a negative signal” as Bitcoin continues to transfer large amounts of tokens.
Mr Dent said:
“The significant increase in the number of tokens transferred per address is evidence of the presence of large institutional capital and other large investors entering the market in response to ETF approval issues. You can see.”
BTC Spot ETF last week
AMBCrypto found that the last trading week ended with $1 billion in spot BTC ETF volume, according to data from The Block. Dashboard. Volume decreased by 37% during the five-day trading period.
Furthermore, the closing price volume was the lowest closing price ever for the spot BTC ETF market since its inception in early January.
At the time of writing, Grayscale Bitcoin Trust (GBTC) controlled a 38% share of the total BTC spot ETF market, according to data from The Block. At the same time, GBTC’s assets under management (AUM) totaled $21 billion.
Emotions seem to be improving
Assessing BTC price movements on daily charts reveals that market sentiment is gradually changing from bearish to bullish.
The main indicator of this change was the coin’s Moving Average Convergence Divergence (MACD) indicator.
On January 28th, at the time of writing this article, the MACD line (blue) had broken above the trend line (orange) and was poised to reach a level above the zero line.
This type of intersection signals the start of a new bullish cycle, driven by a gradual recovery in demand for the asset.
read bitcoin [BTC] Price prediction for 2024-2025
Similarly, key momentum indicators were found in uptrend positions. BTC’s Relative Strength Index (RSI) was 52.78 and Money Flow Index (MFI) value was 50.72.
The values and positions of these indicators indicated that the buying pressure was starting to outweigh the selling of the coin.