Analyst Maartunn highlights a curious trend: Bitcoin's recent price surge isn't driven by organic network activity. He observes on X that "This BTC surge is happening with almost no new on-chain demand. The Bitcoin network is like a ghost town." This suggests the rally is primarily fueled by inflows into US spot ETFs and increased open interest in Bitcoin futures. Institutional investment through ETFs is injecting significant capital into the market, driving up the price independently of traditional user adoption and on-chain transactions. The reliance on futures markets further amplifies price volatility. While a price increase is generally positive, the lack of corresponding on-chain activity raises questions about the sustainability of this rally. A healthy Bitcoin ecosystem thrives on both investment and active participation in the network. Monitoring on-chain metrics will be crucial to understanding the long-term health of Bitcoin. ```

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