Bitcoin network activity just hit an 8-year low — has Wall Street replaced retail in the market?
CryptoSlate
Bitcoin network activity reached an eight-year low, suggesting that price discovery has migrated from on-chain transactions to institutional off-chain venues like ETFs.Summary
Bitcoin active addresses have fallen to their lowest levels since 2016, even as prices remain high near $78,000. This disparity indicates a structural shift where market activity has moved away from the base layer to off-chain vehicles like BlackRock's IBIT ETF and CME futures, which do not reflect in standard on-chain address counts. While retail engagement appears weak, institutional and tactical participants are currently sustaining price levels. However, analysts warn that this narrow, flow-driven support remains fragile without broader participation, leaving the market susceptible to sentiment reversals if institutional inflows or macroeconomic conditions shift.
(Source：CryptoSlate)