ChainCatcher message display, cryptocurrency analyst Miles Deutscher pointed out that despite Bitcoin (BTC) price approaching the $100,000 mark, on-chain transaction demand has sharply declined to historic lows. Analysts believe that this round of market conditions is primarily driven by institutions, ETFs, and nations, and thus cannot be simply compared to past cycles.

Firstly, the rise in BTC price has not led to a synchronous increase in on-chain transaction demand, which may reflect a change in the structure of market participants. Secondly, the involvement of institutions and nations may reduce market volatility but also brings new uncertainties. Finally, this trend indicates that investors need to pay more attention to the driving factors behind the market, rather than just price fluctuations.