Bitcoin’s on-chain activity has shown a sharp slowdown since spot Bitcoin 
exchange-traded funds (ETFs) launched. While institutional inflows into these 
products have accelerated, the number of active BTC addresses has declined. As 
Wall Street embraces BTC exposure, the network’s grassroots participation 
appears to be undergoing a significant transformation. In an X post, the CEO 
of SwanDesk, financial analyst Jacob King, pointed out that Bitcoin active 
addresses have been in a steady decline since the US spot BTC ETFs launched in 
January 2024, and the irony is obvious. Why Retail Participation Shows Signs 
Of Fatigue For years, BTC maximalists have pushed for Wall Street adoption, 
believing institutional involvement would unlock the next wave of mass usage. 
Instead, on-chain participation has dropped sharply as retail lost interest. 
Related Reading: US Fed Has Ended Quantitative Tightening, But Why Is The 
Bitcoin Price Still Below $100,000? King noted that these Bitcoiners have 
piled into the ETF for a quick, early FOMO bump, and then bailed, leaving 
behind a market where the asset is increasingly traded by proxy. According to 
King, ETF investing kills BTC’s core principles. While investors no longer 
hold or control their own assets as banks do, which is the very system BTC was 
designed to challenge, greed always beats ideology. Market watcher Crypto Seth 
has revealed that the net inflows into BlackRock and Fidelity&#8217;s spot BTC ETFs 
have been relatively subdued since October 10, when the largest liquidation 
events happened. Seth believes that this might turn into a momentum reversal 
soon, as the US stock market is at 1% below new highs despite retail sentiment 
remaining stuck in extreme fear. Seth also pointed out that the macro backdrop 
is shifting in BTC&#8217;s favor. This is because the Federal Reserve ended its 
Quantitative Tightening (QT) program on December 1, 2025, wrapping up a multi- 
year effort that shaved nearly $3 trillion from the balance sheet since 2022. 
Since the US Fed rate is still at 4.00%, more interest rate cuts are on the 
horizon, which is higher than both Europe and China. The BlackRock iShares BTC 
Trust (IBIT), which was launched in January 2024, is currently the firm&#8217;s most 
profitable exchange-traded fund (ETF) based on annual fee revenue, despite 
being less than two years old. Unlocking Bitcoin Without Compromising Its Core 
Principles Bitcoin is seeing key initiatives that improve its ecosystem. Every 
market cycle that has promise to unlock Bitcoin for decentralized finance 
(DeFi), RioSwap is one of the few products built on infrastructure that was 
capable of unlocking it in a truly decentralized way. Related Reading: Bitcoin 
Aims Higher as Bulls Regain Strength and Push for Resistance Break According 
to Mintlayer, this was powered by Mintlayer’s native HTLC architecture, as 
RioSwap introduces a Decentralized Exchange (DEX) that allows BTC to move 
directly into decentralized markets without wrapping, unbridging, and is fully 
in the user&#8217;s control. With the RioSwap testnet now live, Mintlayer sees this 
as the start of a new liquidity phase for BTC where the asset will become an 
active participant in the decentralized market on its own terms. Featured 
image from Pixabay, chart from Tradingview.com

Bitcoin Active Addresses Slide As ETF Era Rewires Market Participation — Here’s Why

Wide crypto-tracking funds will become more popular as investors will seek 
exposure as the market becomes more complex, says Bitwise’s Matt Hougan.

Crypto index funds ‘a big deal’ as market complexity grows: Bitwise CIO

The Canada Revenue Agency has recovered over $72 million in unpaid taxes from 
cryptocurrency audits in the past three years. However, the agency has 
reportedly not laid any criminal charges since 2020. High Non-Compliance Rates 
Among Crypto Users The Canada Revenue Agency (CRA) has collected more than $72 
million USD in unpaid taxes over the […]

Canadian Tax Agency Collects $72M in Crypto Back Taxes, Struggles to Secure Criminal Charges

Some of the Bitcoin outflows from exchanges are going to individual users’ 
storage wallets, but ETFs and institutions are accumulating coins too.

Bitcoin peeled off exchanges this year in ‘positive long-term sign’

Dogecoin started a recovery wave above the $0.140 zone against the US Dollar. 
DOGE is now facing hurdles near $0.1450 and might struggle to continue higher. 
DOGE price started a decent upward move above $0.140 and $0.1410. The price is 
trading above the $0.140 level and the 100-hourly simple moving average. There 
is a bullish trend line forming with support at $0.1405 on the hourly chart of 
the DOGE/USD pair (data source from Kraken). The price could extend losses if 
it stays below $0.140 and $0.1380. Dogecoin Price Faces Resistance Dogecoin 
price started a recovery wave from the $0.1350 zone, like Bitcoin and 
Ethereum. DOGE climbed above the $0.1380 and $0.140 resistance levels. There 
was a decent upward move above the 23.6% Fib retracement level of the downward 
move from the $0.1532 swing high to the $0.1351 low. However, the bears seem 
to be active near the $0.1440 and $0.1450 levels. Dogecoin price is now 
trading above the $0.1410 level and the 100-hourly simple moving average. 
There is also a bullish trend line forming with support at $0.1405 on the 
hourly chart of the DOGE/USD pair. If there is a recovery wave, immediate 
resistance on the upside is near the $0.1450 level and the 50% Fib retracement 
level of the downward move from the $0.1532 swing high to the $0.1351 low. The 
first major resistance for the bulls could be near the $0.1490 level. The next 
major resistance is near the $0.1530 level. A close above the $0.1530 
resistance might send the price toward the $0.1620 resistance. Any more gains 
might send the price toward the $0.170 level. The next major stop for the 
bulls might be $0.1720. Another Decline In DOGE? If DOGE’s price fails to 
climb above the $0.1450 level, it could continue to move down. Initial support 
on the downside is near the $0.140 level and the trend line. The next major 
support is near the $0.1380 level. The main support sits at $0.1350. If there 
is a downside break below the $0.1350 support, the price could decline 
further. In the stated case, the price might slide toward the $0.1265 level or 
even $0.1250 in the near term. Technical Indicators Hourly MACD – The MACD for 
DOGE/USD is now losing momentum in the bullish zone. Hourly RSI (Relative 
Strength Index) – The RSI for DOGE/USD is now below the 50 level. Major 
Support Levels – $0.1400 and $0.1350. Major Resistance Levels – $0.1450 and 
$0.1530.

Cryptocurrency price in AUD