Bitcoin Active Addresses Crash to Lowest Level Since 2018 Bear Market

Bitcoin's active addresses have plummeted to their lowest level since 2018, according to data from CryptoQuant. The number of unique BTC addresses that have sent and received Bitcoin each day dropped to 545,233 on August 9, a significant decline from the previous months' activity.

This marks the tenth consecutive month in a bear market for Bitcoin, with its price currently trading at $64,960. The drop in active addresses is reminiscent of the 2018/2019 crypto bear market, when the number of unique addresses hovered around 570,710 in July 2018 and reached 605,433 by January 2019.

However, despite the decline in active addresses, there are signs of renewed adoption. Bitcoin's active address Simple Moving Average (SMA) 30 has risen to its highest level since May 29, indicating a potential increase in network activity.