The SEC has greenlit 11 Spot Bitcoin ETFs, marking a significant shift for the Bitcoin market. Let's examine the on-chain impact:

- Hash Rate hit a new peak over 600 EH/s, demonstrating network strength.

- Daily on-chain transactions exceed $5.7B, with exchange flows at $4.6B.

- Futures Open Interest is at $17.6B, with crypto collateral down to 22%.

- Bitcoin's Realized Cap nears an all-time high at $438B, suggesting increased demand.

- Holder Realized Prices indicate new market entrants:

🟠 $22.4K
🔴 $37.5K
🔵 $20.9K

Despite the rising market, HODLing persists as the prevailing strategy. Yet, a rise in Short-Term Holder supply hints at emerging distribution to new investors.

For full analysis, visit: https://x.com/glassnode/status/1745458120338604490?s=20