Bitcoin Price Surges to $94,000 Amid Declining Network Activity
Bitcoin has reclaimed the $94,000 mark, but network activity remains low, raising concerns among analysts.
Price Surge vs. Network Activity
- Bitcoin's price increase contrasts sharply with its declining network activity, according to CryptoQuant analyst Maartunn.
- The analysis indicates a disconnect between price and user engagement, with on-chain data showing decreased activity since early 2025.
- Recent metrics report a 0.90% decrease in network activity and a 1.50% drop in active addresses.
- Zero-balance addresses have fallen by 12.50%, suggesting wallets are becoming inactive.
Institutional Investment Driving Growth
- Significant inflows into Bitcoin ETFs have been noted, with $381 million invested by April 21, rising to $917 million by April 23.
- Since their inception, US Bitcoin ETFs have attracted nearly $38 billion in net inflows, indicating strong institutional interest.
Market Dynamics and Meme Coin Trend
- The release of the TRUMP meme coin announcement briefly shifted attention from Bitcoin, leading to a surge in purchases.
- Interest in the TRUMP coin waned quickly, reflecting the overall market's insufficient buying pressure for multiple trending assets.