Bitcoin’s price recently climbed close to $81,000, but despite the increase, activity on the Bitcoin network hasn’t picked up, suggesting investors aren’t particularly engaged with the rally.
Bitcoin On-Chain Activity Has Dropped To 2-Year Lows
Data from Santiment, a blockchain analytics company, shows a decrease in activity on the Bitcoin blockchain. Specifically, the number of daily active Bitcoin addresses and the overall network growth have both declined.
Daily Active Addresses track how many unique wallets use the network each day. A wallet is considered active when it sends or receives cryptocurrency. Essentially, this metric shows how much activity is happening on the network.
Network Growth tracks how many new users are joining the blockchain. It counts the total number of unique addresses being used for the very first time.
Here’s a chart from Santiment illustrating how these two measurements have shifted for Bitcoin over the last year and a half.
The graph shows that both daily Bitcoin users and the overall network size have been decreasing in recent months. Although the initial drop was expected with the market downturn, the continued decline is surprising given the recent increase in Bitcoin’s price.
Right now, around 531,000 digital addresses are being used to make transactions on the network, and about 203,000 new ones are appearing each day. Both of these numbers are the lowest they’ve been in roughly two years.
Typically, when prices rise sharply, more people start using and investing in a network because it generates excitement. However, the recent price increase hasn’t had that effect, at least not yet, according to Santiment.
The price is going up, but not with strong support. A small number of traders are driving the increase, instead of a large influx of new or returning investors.
Price increases that haven’t attracted widespread interest have usually faded quickly. Because this recent price rise isn’t seeing a lot of people join in, it might not be sustainable.
However, the recent lack of activity on the network might actually be a positive sign. According to one analytics firm:
Interestingly, when there’s very little happening on the Bitcoin network – hitting a two-year low – it can actually suggest a significant price increase is coming. These periods of low activity often mean people are losing interest, and a big move is likely to follow.
BTC Price
At the time of writing, Bitcoin is trading around $81,250, up 7% over the last week.
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2026-05-06 08:13