CryptoQuant Research Chief Says ETF Impact Is Limited, Bitcoin On-Chain Data Still Valid
Summary
- Julio Moreno, CryptoQuant’s head of research, pushed back against claims that Bitcoin on-chain data is no longer useful, saying the impact of spot ETFs is limited.
- Moreno said ETFs account for only a small share of Bitcoin demand growth and that ETF demand is also weakening.
- Moreno said on-chain data points to a decline in spot Bitcoin demand and that actual demand flows on the blockchain network still matter for market analysis.
Forecast Trend Report by Period
Julio Moreno, CryptoQuant’s head of research, pushed back against claims that Bitcoin on-chain data is no longer useful, arguing that spot exchange-traded funds have only a limited impact on the market.
In a post on X on May 22, Moreno wrote that ETFs account for only a small share of Bitcoin demand growth.
He also said ETF demand is now weakening. The remarks were a response to an X user who argued that on-chain indicators no longer matter because ETF-driven buying and selling pressure is not properly reflected.
Moreno had previously said on-chain data showed spot demand for Bitcoin was falling at the fastest pace since January. He has maintained that actual demand flows on the blockchain network remain important for market analysis, more so than ETF fund flows.
Since the launch of U.S. spot Bitcoin ETFs, markets have increasingly viewed inflows from traditional finance as a bigger driver. Some on-chain analysts, however, still regard network activity and long-term holder behavior as key market indicators.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
