The Surprising Disconnect Between Bitcoin’s Price and Network Activity

Bitcoin’s on-chain activity remains well below the levels seen during the peak of the 2021 bull market. In May 2021, the network averaged roughly 1.12 million active addresses per day and nearly 489,000 newly created wallets daily.

Today, those figures have dropped to around 624,000 active addresses and 278,000 new wallets per day. Compared to the 2021 bull market peak, these figures are down by roughly 44% and 43%, respectively, according to Santiment.