While the market celebrates potential milestones, such as the Bitcoin ETF developments, on chain metrics provide a sobering perspective. The lack of new on chain activity suggests that much of the price reaction is largely driven by institutional narratives rather than genuine on chain growth. The market, thus, remains susceptible to rapid sentiment shifts, more so without the solid backing of tangible on chain activity. From an operational perspective, DeFi infrastructure isn’t as solidified as it needs to be. While heightened interest and a potential spot ETF signals greater crypto investment, this doesn’t necessarily equate to increased crypto activity and on-chain growth.

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