Bitcoin is now above $109,000.
But the number of active addresses is still around 850,000 , the same level seen back in 2022, when the price was near $16,000.
What has changed?
Most of the demand now comes through ETFs. These allow thousands of people to invest without creating many on chain transactions. The users are real, but their activity doesn’t show up directly on the blockchain.
On average, BlackRock’s spot ETF makes only 24 transactions per week, but it moves more than 6,400 BTC during that time.
This is the new face of Bitcoin: strong demand from institutions, but much less activity on-chain.
Written by OnChainSchool
