ETFs drain on-chain liquidity, Bitcoin has become the showcase asset for institutions, while retail investors are having more fun playing on Solana.

BTC-0.30%
SOL-1.43%
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CoinNetwork
CryptoWorld News reports that Bitcoin network utilization has fallen to its lowest level in more than 7 years. As of June 4, the 60-day moving average of active Bitcoin addresses is slightly above 600,000, nearing the levels seen during the 2019 bear market. The article suggests that spot Bitcoin ETF products have reduced some investors’ demand for direct on-chain transfers, while networks such as Ethereum, Solana, and Tron have taken on more stablecoin payment and settlement activity, leading to a diversion of on-chain activity away from Bitcoin.
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