Bitcoin Network Activity Plunges…Number of Active Addresses Down 30%

Source

Uk Jin

Summary

Bitcoin (BTC) network activity has recently shown a clear slowdown.
The number of Bitcoin active addresses fell 30.1% over roughly 229 days.
Based on the 7-day simple moving average (SMA), active addresses declined 21.1%, which it said indicates a market exit led by short-term traders is under way.

Forecast Trend Report by Period

Bitcoin (BTC) network activity has recently shown a marked slowdown.

On the 27th (Korea time), digital asset (cryptocurrency) news outlet Finbold, citing CryptoQuant data, reported that the number of active Bitcoin addresses fell 30.1% over roughly 229 days since Aug. 8 last year.

Active addresses are a metric showing the unique addresses that participated in transactions on the network over a given period, and are a key indicator for gauging market participation and on-chain activity.

The short-term slowdown was particularly pronounced. The 7-day simple moving average (SMA) fell by 164,000, posting a decline of 21.1%. Over the same period, the decline in the 30-day SMA was limited to 14.4%. Finbold assessed that this "suggests that while short-term traders are exiting the market, participation by existing holders remains relatively intact."

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