Glassnode: Number of BTC active addresses drops after spot ETF approval

According to on-chain analysis company Glassnode, after the approval of Bitcoin spot ETF, there has been a phenomenon in the market that is opposite to intuition, that is, the number of active addresses has dropped to a cycle low of 219,000 per day (slightly rebounded to 221,000 this week) despite the recent strong performance of Bitcoin prices. This means that although Bitcoin prices have risen, the growth of Bitcoin users has not kept up. Analysis suggests that this is mainly due to an increase in activities related to ordinal and inscriptions, and many participants are reusing Bitcoin addresses, thereby reducing the number of active addresses (not counted repeatedly).