Bitcoin (BTC ) news

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.

READ MORE Bitcoin’s Future: Van de Poppe Bold Predictions and Market Optimism

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

Important Notice: Disclaimer Regarding Financial Advice
The information presented in this article is intended solely for informational purposes and should not be considered as financial advice. disclaims any responsibility for investment decisions made by individuals relying on the information provided herein. It is highly recommended to consult with a qualified professional or financial advisor before making any investment decisions. Your financial well-being is crucial, and seeking expert guidance ensures that your investment choices align with your individual financial goals and risk tolerance.

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