Binance founder Changpeng Zhao (CZ) recently addressed user concerns regarding Bitcoin’s (BTC) on-chain transaction metrics, which have not yet returned to 2021 levels. In a response to user @BitImmortal, CZ indicated that the recent dynamics in Bitcoin transactions may suggest a shift in perception. “My intuition is that high transaction fees and extended block confirmation times are steering BTC towards being perceived as a reserve asset, rather than functioning predominantly as a medium of exchange,” he noted. CZ emphasized that a substantial amount of new capital is currently being directed towards Exchange-Traded Funds (ETFs), a trend that does not adequately reflect in traditional on-chain transaction metrics. Despite his insights, he recognized the potential for misjudgment, underscoring the complex landscape of cryptocurrency economics.
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