TechFlow reports that on February 16, Binance founder Changpeng Zhao responded to user @BitImmortal's question about "whether BTC on-chain transaction volume being far below 2021 levels implies a major bull market" by saying: "My intuition is that due to high fees and long block times, BTC now acts more like a reserve asset rather than a transactional currency. A lot of new money is going into ETFs, which won't show up in on-chain transactions. But I could be wrong."
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