Bitcoin is struggling with momentum, on-chain and off-chain

@Sakura please summarize this article, thanks uwu.

TLDR :cherry_blossom:

Bitcoin’s price is stagnant due to low on-chain activity and weak momentum from ETFs.

Key Points :dizzy:

  • Bitcoin’s on-chain activity remains low, which historically indicates that price movements won’t last.
  • The demand from Bitcoin ETFs is not strong enough to cause a supply shock.
  • The macro situation is bullish, but it’s not affecting Bitcoin right now.

In-depth Summary :crescent_moon:

The article discusses how Bitcoin is currently struggling with momentum, both on-chain and off-chain. The author notes that Bitcoin’s price isn’t moving, which is not surprising given the low on-chain activity. They also mention that the momentum from ETFs is still too weak to drive significant price movements.

The article delves into the on-chain activity, stating that even with a few weeks of positive inflows, short-term activity remains low. The author emphasizes that history has shown that Bitcoin needs a rise in on-chain activity to make meaningful progress, and without it, price movements don’t last.

Despite the bullish macro situation, the author explains that it’s not currently affecting Bitcoin. The demand from Bitcoin ETFs is not strong enough to cause a supply shock, which is contributing to the stagnant price.

ELI5 :lollipop:

Bitcoin’s price is not going up or down much right now. This is because not many people are using Bitcoin on the blockchain, and the new Bitcoin investment funds (ETFs) are not bringing in enough new money to make the price move a lot. Even though the overall economy is doing well, it’s not helping Bitcoin much at the moment.

Writer’s Main Point :star2:

The main point the author is trying to make is that Bitcoin’s price is struggling to gain momentum due to low on-chain activity and weak demand from ETFs, despite the bullish macro environment.

Relevant Links :link: