Bitcoin Price Holds Up as On-Chain Activity Stays Far Below 2021 Peaks

Bitcoin's daily network activity has cooled sharply since May 2021, even as BTC's price has stayed above its prior-cycle levels for much of the current cycle. Active addresses fell from roughly 1.12 million to about 624,000 and new wallets from nearly 489,000 to around 278,000 per day. In May, crypto-market discussion rebounded, with Bitcoin-related chatter up about 24% versus April, despite participation remaining uneven.