Bitcoin Active Addresses Drop From 1.15M to 680K as Price Holds Near Historic Highs

Bitcoin remains at historically high price levels, while on-chain data indicates a prolonged decline in network activity measured by active addresses. Since peaking at about 1.15 million daily active addresses in April 2021, participation has slid to roughly 680,000, even as the market experienced sharp rallies and corrections. Analysts point to increased long-term holding and growing off-chain exposure through custodial platforms and financial products as key forces reshaping Bitcoin's on-chain footprint in the current cycle.