Bitcoin's on-chain volume is not at the same level as the peak in 2021, leading some to question if a new bull run is coming. However, former Binance CEO Changpeng Zhao suggests that the declining fundamentals may be due to Bitcoin becoming more of a reserve asset than a transaction currency, as more investors are gaining exposure through successful Bitcoin ETFs. This aligns with the view shared by Fidelity's Chris Kuiper, who stated that the dominance of Bitcoin ETFs has emptied the mempool. Despite the poor on-chain performance, analysts still anticipate a major move from Bitcoin in the near future, as its volatility is at its lowest level since Q4 2023. Currently, Bitcoin is trading at $97,190.



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