Bitcoin's network activity has plunged to an eight-year low, according to data from CryptoQuant. The analytics firm flagged that active BTC addresses reached their lowest point since 2016 on April 8. This decline in on-chain activity is occurring while the cryptocurrency's price remains elevated near $78,000.
This divergence between price and network usage presents a significant shift in market dynamics. Historically, high prices have correlated with increased retail participation and on-chain transactions. The current decoupling suggests a fundamental change in who is driving the market.