• About
  • FAQ
  • Earn Bitcoin while Surfing the net
  • Buy & Sell Crypto on Paxful
Newsletter
Approx Foundation
  • Home
    • Home – Layout 1
  • Bitcoin
  • Ethereum
  • Regulation
  • Market
  • Blockchain
  • Business
  • Guide
  • Contact Us
No Result
View All Result
  • Home
    • Home – Layout 1
  • Bitcoin
  • Ethereum
  • Regulation
  • Market
  • Blockchain
  • Business
  • Guide
  • Contact Us
No Result
View All Result
Approx Foundation
No Result
View All Result
Home Business

Activity Dips Despite Market Developments

approx by approx
February 7, 2024
in Business
0
Activity Dips Despite Market Developments
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


The recent introduction of Bitcoin exchange-traded funds (ETFs) in the United States, considered a watershed moment for the cryptocurrency’s mainstream adoption, has sparked a nuanced response characterized by a blend of optimism and skepticism. Despite an initial surge in investment, recent data signals a decline in overall Bitcoin wallet activity, introducing an element of uncertainty regarding the lasting impact of these ETFs.

Diminishing Enthusiasm 

Concerns over diminishing enthusiasm are substantiated by data from Santiment, a data analytics firm, revealing a consistent reduction in the number of crypto wallets holding any amount of the cryptocurrency since the ETF approval roughly four weeks ago. This downward trend suggests a potential retreat from direct Bitcoin ownership, with fears of uncertainty and doubt (FUD) potentially influencing investor sentiment.

📉 #Bitcoin‘s wallets (with greater than 0 coins) are still declining as #crypto nears 4 weeks since the #SEC‘s 11 Spot #ETF approvals. This can be attributed to crowd #FUD, and less interest in direct $BTC ownership due to other investment alternatives. https://t.co/tjnjELxGw1 pic.twitter.com/xRymU7C0ro

— Santiment (@santimentfeed) February 7, 2024

A more granular analysis by IntoTheBlock further illuminates this trend, highlighting a significant decrease in daily active and new addresses. This indicates a diminishing level of user engagement and hints at a possible shift in interest towards alternative investments. Intriguingly, the total number of BTC addresses has remained relatively stable, showcasing minor fluctuations over the past month.

Conflicting Narratives

Interpretations of this data vary within the industry. Notable figures like Anthony Scaramucci downplay pessimism, underscoring the substantial $5 billion ETF debut and challenging critics to redefine their criteria for success. However, financial institutions such as LPL Financial advocate for a cautious approach, reflecting a divided sentiment within the market.

BTC market cap currently at $842.298 billion. Chart: TradingView.com

Bitcoin Miners On The Move

Beyond investor behavior, the launch of Bitcoin ETFs has significantly impacted crypto miners, who validate network transactions and receive Bitcoin rewards. Bitfinex Alpha reports a noteworthy development, with over $1 billion worth of Bitcoin flowing from miner wallets to exchanges in the first 48 hours of trading – a six-year high in miner outflow. This phenomenon suggests potential selling pressure or strategic rebalancing activities by mining companies.

On-chain data showing miner wallet Bitcoin inflows and outflows after ETF approval. Source: CryptoQuant/Bitfinex Alpha

While the initial investment in Bitcoin ETFs showed promise, the subsequent drop in wallet activity and the surge in miner selling activities raise questions about the long-term implications of these financial products.

The true narrative remains obscured by various factors, including the limited timeframe analyzed, the specific profiles of investors withdrawing from wallets, and the influence of broader economic conditions on cryptocurrency markets.

Featured image from Adobe Stock, chart from TradingView





Source link

Related articles

Shanghai Mulls Responses To Global Stablecoin Rise

Shanghai Mulls Responses To Global Stablecoin Rise

July 11, 2025
GMX Exploiter Starts Returning $40M in Stolen Crypto After Bounty Deal

GMX Exploiter Starts Returning $40M in Stolen Crypto After Bounty Deal

July 11, 2025
Share76Tweet47

Related Posts

Shanghai Mulls Responses To Global Stablecoin Rise

Shanghai Mulls Responses To Global Stablecoin Rise

by approx
July 11, 2025
0

Mainland China, one of the most restrictive global jurisdictions for cryptocurrencies, is reportedly showing signs of a shift in tone...

GMX Exploiter Starts Returning $40M in Stolen Crypto After Bounty Deal

GMX Exploiter Starts Returning $40M in Stolen Crypto After Bounty Deal

by approx
July 11, 2025
0

The attacker who exploited the GMX v1 decentralized exchange (DEX) and stole $40 million in crypto began returning the stolen...

Vatican Bank Denies Ties to Scam Project Promoting Fake Crypto Token

Vatican Bank Denies Ties to Scam Project Promoting Fake Crypto Token

by approx
July 11, 2025
0

The Istituto per le Opere di Religione (IOR), commonly known as the Vatican Bank, has denied any connection to a...

How to earn Bitcoin with a Lightning node in 2025: Setup, strategies and income.

How to earn Bitcoin with a Lightning node in 2025: Setup, strategies and income.

by approx
July 11, 2025
0

What is the Lightning Network, and how does it work? The Lightning Network is Bitcoin’s most successful second-layer solution, a...

Will Saylor’s relentless BTC buying cause a supply shock?

Will Saylor’s relentless BTC buying cause a supply shock?

by approx
July 11, 2025
0

Bitcoin’s shrinking supply: What’s going on? With less BTC in circulation, experts are bracing for a potential supply shock.Bitcoin’s hard...

Load More

youssufi.com

sephina.com

[vc_row full_width="stretch_row" parallax="content-moving" vc_row_background="" background_repeat="no-repeat" background_position="center center" footer_scheme="dark" css=".vc_custom_1517813231908{padding-top: 60px !important;padding-bottom: 30px !important;background-color: #191818 !important;background-position: center;background-repeat: no-repeat !important;background-size: cover !important;}" footer_widget_title_color="#fcbf46" footer_button_bg="#fcb11e"][vc_column width="1/4"]

We bring you the latest in Crypto News

[/vc_column][vc_column width="1/4"][vc_wp_categories]
[/vc_column][vc_column width="1/4"][vc_wp_tagcloud taxonomy="post_tag"][/vc_column][vc_column width="1/4"]

Newsletter

[vc_raw_html]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[/vc_raw_html][/vc_column][/vc_row]
No Result
View All Result
  • Contact Us
  • Homepages
  • Business
  • Guide

© 2024 APPROX FOUNDATION - The Crypto Currency News