Glassnode: After the spot ETF was approved, the number of active BTC entities dropped to a cycle low of 219,000

According to data from on-chain analysis company Glassnode, after the approval of the Bitcoin spot ETF, despite the recent strong performance of Bitcoin prices, a counter-intuitive phenomenon occurred in the market, that is, the number of active entities dropped to a cycle low of 219,000 per day. points (a small rebound to 221,000 this week), meaning that although the price of Bitcoin has increased, the growth of Bitcoin users has not kept pace. The analysis believes that this is mainly due to the increase in activity related to ordinal numbers and inscriptions. Many participants are reusing Bitcoin addresses, thereby reducing the number of "active entities" (not double counting).