Bitcoin hits $81K as on-chain activity falls to 2-year lows
Bitcoin rallies to $81K as on-chain activity hits 2-year lows
Bitcoin jumped toward $81,000. On-chain participation fell to 2-year lows, per Santiment.
User activity dropped even as price rose. The rally failed to pull new users in, despite the recent price surge.
- 531,000 daily active addresses, a 2-year low source
- 203,000 new addresses per day, also a 2-year low source
Santiment sees thin participation behind the move:
Instead, the price is climbing on relatively thin participation, meaning a smaller group of players is responsible for pushing the market higher, rather than a broad wave of new and returning users flooding in.
They note a contrarian read as well:
Paradoxically, 2-year lows in network activity can actually signal that Bitcoin is coiled for a much bigger move upward. Activity bottoms often mark the end of apathy, not the continuation of it.
At writing, BTC trades near $81,250, up 7% in a week. See the latest price chart below.
