Next week, I will officially publish an insight research report titled “Structural Changes in the Bitcoin Market and Trading Patterns After ETF Approval.” This research goes beyond simply describing the changes. It will also present a clear framework for how to adapt to the evolving market structure and how Bitcoin should be analyzed going forward. Since the ETF approval, many aspects of the market have undeniably changed. Market structure and trading patterns have both shifted. As a result, on-chain transaction activity has also changed in line with these shifts. However, these changes still do not appear to be fully reflected in current investment analysis frameworks, and are often interpreted in the same way as before.(mignolet)