PANews reported on February 16 that crypto analyst Immortal tweeted: "BTC on-chain transaction volume is far from 2021 levels...but do we expect a big bull market? Even transaction fees don't necessarily indicate a bull market - just look at past cycles." In response, CZ said: "My intuition is that BTC is now more of a reserve asset than a trading currency due to high fees and long block times. A lot of new funds are buying ETFs, which are not reflected in on-chain transactions. But I could be wrong."