ETF has turned Bitcoin into a holding certificate, but on-chain activity has actually cooled down. This migration is quite interesting.

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The utilization rate of the Bitcoin network has dropped to its lowest level in over 7 years. Data shows that as of June 4th, the 60-day moving average of active Bitcoin addresses is slightly above 600k, approaching the levels seen during the 2019 bear market. The article suggests that spot Bitcoin ETFs have reduced the demand for some investors to make direct on-chain transfers, while networks like Ethereum, Solana, and Tron are handling more stablecoin payment and settlement activities, which also diverts activity away from the Bitcoin on-chain activity. (Bitcoin Magazine Pro)
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