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Pasha
@pasha
People often say this cycle feels different, and in terms of Bitcoin network activity, it really does. This is the first bull run without higher on-chain usage. Active addresses have fallen since the 2021 top, dropping from 1.15M to 740K. A sharp decline in early 2024 lined up with Bitcoin spot ETFs launching. Many may now prefer ETFs over direct holding, changing key network metrics.
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