Despite Bitcoin's price reaching new all-time highs, on-chain activity has not kept pace, according to a report by CryptoSlate. The number of active Bitcoin addresses has fallen to levels not seen since January 2020. The peak for daily active addresses was during the 2021 bull market, with roughly 1.2 to 1.3 million addresses per day. However, activity has not returned to those levels, even as Bitcoin set new all-time highs. The report suggests a divergence between price and usage, indicating that fewer participants are interacting with the network despite capital flowing into Bitcoin. This trend challenges the assumption that rising prices automatically reflect growing adoption.

Despite Bitcoin's price reaching new all-time highs, on-chain activity has not kept pace, according to a report by CryptoSlate. The number of active Bitcoin addresses has fallen to levels not seen since January 2020. The peak for daily active addresses was during the 2021 bull market, with roughly 1.2 to 1.3 million addresses per day. However, activity has not returned to those levels, even as Bitcoin set new all-time highs. The report suggests a divergence between price and usage, indicating that fewer participants are interacting with the network despite capital flowing into Bitcoin. This trend challenges the assumption that rising prices automatically reflect growing adoption.