Glassnode: BTC active entity count drops to cyclical low of 219K

TechFlow news, according to on-chain analytics firm Glassnode, after the approval of Bitcoin spot ETFs, despite recent strong price performance of Bitcoin, the number of active entities has dropped to a cyclical low of 219,000 per day (slightly rebounding to 221,000 this week).

Glassnode analysis indicates this is primarily due to increased activity related to ordinals and inscriptions, with many participants reusing Bitcoin addresses, thereby reducing the count of "active entities" (non-duplicated).