The post Bitcoin Price Driven by ETF Flow and Open Interest, Not Network Activity: Analyst appeared on BitcoinEthereumNews.com.

An analyst has argued that the recent Bitcoin price pump was driven by ETF flows and open interest rather than network activity. Notably, despite the recent impressive price surge in the crypto market, the spotlight has quickly shifted from Bitcoin’s performance to an unexpected catalyst. The U.S. President’s team announced that the top holders of the Trump (TRUMP) meme coin would attend a special dinner with President Trump, igniting a frenzy of buying activity for the coin. However, as the frenzy cooled, Bitcoin and top altcoin momentum cooled with it. As the markets cooled, crypto influencer DonAlt took to X to critique the market’s behavior. He pointed out that the recent rally in Trump coin coincided with a sudden cooling in the market’s momentum, suggesting that there is still insufficient buying power to support multiple narratives simultaneously. In response, a CryptoQuant analyst emphasized this point by citing data that showed the Bitcoin network is essentially a “ghost town.” Bitcoin Network Is a Ghost Town Specifically, analyst Maartunn from CryptoQuant argued that the current Bitcoin price surge was driven mainly by institutional factors rather than on-chain demand.  He suggested that while Bitcoin’s price has risen sharply, the network activity index has not followed suit. According to Maartunn, this indicates that external forces, such as ETF flows and open interest in futures markets, are propelling the price rather than an increase in on-chain activities. The Bitcoin Network is a ghost-town ☠️ This pump is driven by:– ETF Flows– Open Interest There is hardly any new visible on-chain demand. https://t.co/ceFuk9Wtnq pic.twitter.com/DmoXbxhxXx — Maartunn (@JA_Maartun) April 24, 2025 In his analysis, Maartunn uses a 365-day Moving Average to smooth out the network activity index, allowing for a clearer view of longer-term trends. From 2015 onward, the chart shows a steady increase in network activity, which…

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Filed under: News - @ April 24, 2025 10:26 pm