Bitcoin's price movements have been constrained between $60,000 to $72,000 since February 2024, indicating a neutral trend for the prominent cryptocurrency. Recent data sourced from Santiment on June 2 illustrates a decrease in both trading and transaction volumes for Bitcoin, with the seven-day trading volume falling below $14 billion, reminiscent of levels seen in 2023 when Bitcoin's value was below $30,000. There is a noticeable lack of enthusiasm in Bitcoin trading and on-chain transaction volumes, notably with only 722,000 BTC transacted in a week compared to 1.79 million BTC in October 2023. The current on-chain transaction volume for Bitcoin stands at its lowest point, indicating minimal network activity despite increasing speculative demand.

The emergence of Bitcoin ETFs and derivatives in the market has garnered significant attention in the current year. Approved Bitcoin spot ETFs have accumulated $1.73 billion, with the last seven trading days accounting for a total volume of $12 billion, similar to BTC's spot volume on crypto exchanges. This traction indicates a growing inclination towards trading regulated ETFs rather than engaging in direct Bitcoin transactions. Moreover, the derivatives market has witnessed a surge in trading volumes, with daily volumes reaching over $34 billion, nearly three times the seven-day volume for spot trading. Although futures contracts and other Bitcoin derivatives reached their peak in March 2024, the exchange volume remains stable.

In conclusion, the market is displaying a heightened interest in Bitcoin price speculation through Bitcoin ETFs and derivatives, showcasing a shift away from conventional methods of Bitcoin acquisition towards speculative trading.