Since 2011, the cryptocurrency market has relied on on-chain metrics to assess investor behavior and market sentiment.  The introduction of U.S. Spot Bitcoin ETFs, however, altered the way that investors can now be exposed to Bitcoin.

With ETFs, billions of dollars can now enter the market with minimal impact on on-chain data and without interacting with the blockchain.

As a result, conventional on-chain indicators have become less effective since strong demand and price movements might no longer be reflected in network activity.

This change begs an important question: in an era driven by ETFs, can traditional on-chain metrics still effectively reflect market sentiment?

The rise of the ETF market

Following the introduction of U.S….