Jus low TX' during a bullrun

I mean its great but if it persists for half a year I think we have an underlying problem that I can't put my finger on

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~48k TX's

Yeah looks like lots of custodial coins changing hands without any on chain transactions. Bitcoin ious driving the price action.

Exactly

Plus foundry, Mara, & ant pool have well over 60% of all hash

I wonder when the last time it was near clear?

Not too long ago

I’d guess it’s related to the ETF’s driving the bullrun.

Yes I'd say so