CryptoQuant research head: ETF impact too small to invalidate on-chain data

Julio Moreno, head of research at CryptoQuant, has pushed back against claims that on-chain data is now obsolete, arguing that from the perspective of Bitcoin demand growth, ETFs account for only a small portion of the market. He added that current ETF demand is also contracting. Moreno's comments were a direct response to an X user who claimed that on-chain indicators are no longer useful because they fail to properly reflect buying and selling pressure from ETFs. The discussion began after Moreno previously stated, based on on-chain data, that spot demand for Bitcoin is declining at its fastest pace since January.