Julio Monero, Head of CryptoQuant Research, addressed the argument regarding the futility of on-chain data, pointing out that "from the perspective of Bitcoin demand growth, the proportion that ETFs account for in the market is only a small amount." He added, "Currently, ETF demand is also shrinking." This is a rebuttal to an X user's counter-argument that "on-chain indicators are no longer useless. This is because buy and sell pressures due to ETFs are not properly reflected." Previously, Monero stated that based on on-chain data, Bitcoin spot demand has been decreasing most rapidly since January.
