The number of active Bitcoin addresses daily still hovers around 850,000, equivalent to the level in 2022, when the price of $BTC was only $16,000

Current demand mainly comes from spot ETFs

Investors buy Bitcoin through ETFs, so it doesn't leave much on-chain transactions

#BlackRock's spot ETF only creates about 24 transactions per week, but moves up to 6,400 $BTC

→ Few transactions but extremely high value.