The Surprising Disconnect Between Bitcoin’s Price and Network Activity

Jun 2, 2026 - 20:45

The Surprising Disconnect Between Bitcoin’s Price and Network Activity

Bitcoin is far less active than in 2021, as institutional exposure grows through ETFs and funds. 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...

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