Bitcoin on-chain activity don drop as demand for Spot ETF dey grow

Bitcoin on-chain activity don cool down compared to 2021 peak, even as BTC still dey supported by price. Santiment data show say daily active BTC addresses drop from about 1.12M (May 2021) to ~624K, and new wallet creation fall from ~489K/day to ~278K/day (around -43% to -44%). Active addresses dey used as proxy for unique participants, while new wallets show fresh first-time interaction. Di latest explanation link di weaker Bitcoin on-chain activity to Spot Bitcoin ETFs and institutional vehicles. When investors get BTC exposure via ETFs, dem fit transact without triggering the same level of on-chain wallet creation, while some demand shift go equities and precious metals. Di article still talk say lower on-chain engagement no mean automatic bearish, because on-chain activity often rise when volatility increase. At the same time, trading signals still active: BTC was about $69,876 (+~5% on the day) and reported volume surge pass 134% over the past 24 hours. Another near-term catalyst mentioned na Strategy sell 32 BTC (first in ~3.5 years), wey briefly push BTC below $72,000 after di announcement. But Strategy still hold 843,706 BTC (nearly 4% of total supply).