Cryptocurrency analyst Immortal wrote on X: "Trading volume on the BTC chain is far from 2021 levels... but we expect a big bull market? Even high transaction fees do not necessarily signal a bull market, just look at past cycles." CZ responded: "My hunch is that BTC is now more of a reserve asset than a transactioncurrency because of the high fees and long block times. A lot of new money is buying ETFs that are not reflected in on-chain transactions. For the record, I may be wrong."