Active Bitcoin (BTC) addresses decline after ETF launch…suggests increasing institutional share

On the 8th (local time), according to crypto-focused media CryptoBriefing, an analysis showed that the Bitcoin (BTC) network's 'active addresses (Active Addresses)' decreased after spot exchange-traded funds (ETFs) were launched in the United States. It is interpreted as indicating reduced network usage such as on-chain transactions and transfers, and a trend toward a larger share of indirect participation by institutional investors compared to individual investors.

In the crypto industry, as spot ETFs have become a primary route for buying and holding Bitcoin, attention has been paid to the possibility that investors are increasingly obtaining 'holding exposure (exposure)' through traditional financial accounts rather than moving wallets directly on-chain. In this case, on-chain activity metrics could be relatively subdued even if price fluctuations occur.

However, it is difficult to conclude that a decline in active addresses directly means weakened demand or damage to fundamentals. Depending on the market phase, various factors such as internal exchange transfers, institutional custody structures, and an increased share of derivatives can affect on-chain metrics.