Bitcoin ETF Rally Proved Short-Lived, and $100K Dreams Faded

[pooya87]

If you would have people storing it in their wallets you would have more addresses with a  balance, not just a 33% increase since 2019, and this including dust.

It is closer to 100% increase rather, from about 450k in Jan 2019 to almost 1000k past month.
But I'd argue that this is not the best measure of adoption if you are using it in comparison to the past because different factors have led to huge spikes in number of addresses in use like the spam attack of 2017.

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[Lucius]

Also ETF is just a short term flowery scenario and I believe this will not give long term effect to bitcoin.

The futures-based ETF approved in the US last year could not have had any major impact on the price other than the psychological effect - what has not happened (so far) is a physically-based BTC ETF which would mean funds have to buy BTC to be able to sell shares. Some would say that the media has once again managed to sell the story of something as big as 2017 with CME futures - and that was not a difficult mission since the average person can't even understand what it's all about.

Even if we look at how people think today, not only were they wrong about what they thought, but they still don’t distinguish between futures and physically-based ETFs.

[stompix]

If you would have people storing it in their wallets you would have more addresses with a  balance, not just a 33% increase since 2019, and this including dust.

It is closer to 100% increase rather, from about 450k in Jan 2019 to almost 1000k past month.
But I'd argue that this is not the best measure of adoption if you are using it in comparison to the past because different factors have led to huge spikes in number of addresses in use like the spam attack of 2017.

No, it's not, it's actually 48% for all addresses with a balance and 35% for those that have more than 0.001, I should have been a little more exact on the dust thingie.

https://archive.fo/YIVFN#selection-731.0-1033.13
2 Oct 2019 08:46:02 UTC

27335350 addresses with a balance, 14061631 with over 0.001

Data right now: (I will edit this post with the archive link since I'm 7k in the queue)
https://archive.fo/75p7W#selection-993.0-996.0

40021261 addresses with a balance, 19282324 with over 0.001

[sana54210]

The next story-line of main stream media can be anything but surely it will end on convincing some people to adopt bitcoin hence it means all such events (bitcoin etf, news from El Salvador, etc) are doing its exact purposes.

I agree, we do not have too much liquidity and volume compared to most traditional markets which is how it could be going up and down so much plus the regulations are lower as well and there is no centralization all of which combine makes it a lot more volatile, add in the fact that it is global and not based on just one nation combined with everyone being able to enter even with just few dollars all makes it crazy volatile.

So, crypto will always be like this, was always like this and is like this right now. Everyone who gets here "should" know this, obviously some don't and get scared whenever the price drops but it is not everyone, and we could always focus on something more stable if we do not like the volatility here.