After starting the transaction in January 2024, the US-based SPOT BITCOIN ETFS (Exchange-Traded Funds) continued to surge after setting and setting in the global ETF market. Recently, Blackrock’s Ishares Bitcoin Trust (with Tiker Ibit) has become the fastest ETF with $ 80 billion in executives’ assets.
No doubt, increasing the popularity and acceptance of Bitcoin ETF seems to be changing the encryption investment environment. As recently unveiled by a prominent analyst of social media platform X, BTC investors seem to prefer more traditional methods that interact with the world’s largest cryptocurrency.
Is Bitcoin ETF a variation of BTC’s distributed spirit?
Crypto analyst Willy Woo said in X’s July 18 that the growth rate of self -bitcoin users has fallen over the past year. The development of WOO has been over 15 years due to the rise of Bitcoin ETF spots.
This on -chain insight is based on the GlassNode Entities Net Growth Metric, which measures the speed (bitcoin in this scenario) that a new user goes up to the blockchain network a day. WOO says this metric is not tracking the address, but an entity.
The net growth of the entity estimates the difference between the new entity and the “disappearing” entity (an entity having a balanced balance, not zero in the previous time stamp). As observed in the chart below, the metrics have been on a decline since 2023 and have deteriorated since Bitcoin ETF debuted in the United States.
Source: @woonomic on X
This trend suggests that investors are choosing more and more in the Bitcoin market through institutional encryption products such as exchange transaction funds, rather than directly on personal cryptocurrency wallets. WOO stressed that this change could lead to centralization of supply in response to opinions on X.
Interestingly, this development defeats the main spirit of Bitcoin defined by Satoshi Nakamoto. But Bitcoin ETF is a gateway to encryption investment for people who can’t easily access it through a general path (self -use wallet).
X encryption community member:
The ETF did not steal users from cold storage. They opened the market to the locked people behind the rules.
Bitcoin price at a glance
At the time of this article, the price of BTC was about $ 108,200, up 0.4% over the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Chart of TradingView, the main image created by Dall.e
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