Bitcoin Portfolio Activity Declines Despite Recent SEC ETF Approvals”

Despite the recent approval of 11 Exchange-Traded Funds (ETFs) by the Securities and Exchange Commission (SEC), Bitcoin wallet activity is on a steady decline. Data from Santiment, a blockchain analytics company, reveals a continuous drop in the number of Bitcoin wallets holding more than zero coins, nearly four weeks post the European ETF institutional approvals.

Shifting Investor Sentiment:

This trend indicates a growing sense of fear, uncertainty, and doubt (FUD) among investors, accompanied by a shift in focus towards alternative investment options, steering away from direct Bitcoin ownership.

Drop in Active Addresses:

There’s been a significant decrease in daily active addresses, new addresses, and active addresses, coupled with an increase in addresses with zero balances.

Over the past week, daily active addresses witnessed a sharp decline of 35.95%, with new addresses and active addresses dropping by 5.99% and 24.40%, respectively.

Notably, the total number of Bitcoin addresses, which was relatively stagnant, showed slight fluctuations over a 30-day period, ranging from the highest at 51.93 million to the lowest at 51.45 million addresses.

Conflicting Narratives:

Cryptocurrency figure Anthony Scaramucci openly criticized the negative media coverage following the European ETF approvals. He challenges the pessimistic outlook by highlighting the inaugural appearance of a $5 billion Exchange-Traded Fund (ETF), challenging critics on their definition of success.

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This divide extends to financial institutions such as LPL Financial, where a cautious approach is being adopted in response to the evolving landscape.

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