$BTC ETF Entered, But On-Chain Activity Stagnant

Interestingly, despite the surge in funds flowing into Bitcoin Spot ETFs, on-chain activity remains sluggish. Transaction fees have decreased, the number of active addresses is stagnant, and transfer volumes have only recorded moderate growth.

"The ETF inflows have sharply increased, confirming institutional demand. But trading volumes are low, which reflects more of a passive accumulation rather than active speculative interest," the report stated.

Currently, around 97 percent of the total Bitcoin supply is in profit. Although this usually signals market strength, it actually creates a risk of selling pressure if new demand, from both retail and institutional sides, does not emerge.

The report also mentioned that if there is no recovery in demand from both sides of the market, this cold momentum could last a long time. There is a possibility that investors are currently waiting for the right moment to 'warm up' the crypto market in the coming months.

Meanwhile, based on the latest data from Coingecko on Friday (20/6/2025) morning, the price of BTC is at US$ 104,621. This figure represents stagnation in movement, as it shows 0.0 percent over a 24-hour period.