Bitcoin Active Addresses Slide As ETF Era Rewires Market Participation — Here’s Why
December 9, 2025 · 6:00 AM
Bitcoin's on-chain activity has significantly slowed since the launch of spot Bitcoin exchange-traded funds (ETFs), despite increased institutional inflows. The number of active Bitcoin addresses has declined, indicating a drop in retail participation, which contrasts with the anticipated mass adoption from Wall Street involvement. Financial analyst Jacob King noted that many retail investors initially engaged with ETFs for quick profits but have since exited, undermining Bitcoin's core principles of personal asset control.
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