Zhao Changpeng: BTC is more like a reserve asset rather than a trading currency, with a large amount of new funds buying ETFs but not reflected on-chain

ChainCatcher message, cryptocurrency analyst Immortal posted on X: "The on-chain transaction volume of BTC is far from the levels of 2021… but are we expecting a big bull market? Even high transaction fees do not necessarily indicate a bull market; just look at past cycles."

In response, Zhao Changpeng stated: "My intuition is that due to high fees and long block times, BTC now resembles a reserve asset rather than a transaction currency. A lot of new funds are buying ETFs, and these ETFs do not reflect on-chain transactions. Just to clarify, I might be wrong."