The Impact of the #SECETF审批 Bitcoin ETF on Miners and On-Chain Ecology

The approval of a spot ETF indirectly affects the Bitcoin network:

Miners: ETF demand may drive up coin prices, but institutions prefer spot investments over mining.

On-Chain Activity: ETF investors do not directly hold BTC, which may reduce the frequency of small transactions.

Long-Term Hashrate: If ETF funds flow in steadily, miners' income sources may shift from selling to an increased proportion of transaction fees.

In the era of ETFs, Bitcoin may become more aligned with the value storage positioning of 'digital gold' rather than a payment tool.