Bitcoin Network Activity Hits 2018-2019 Lows Amid Price Volatility
Bitcoin network activity has hit levels not seen since the 2018-2019 bear market, according to data from CryptoQuant analyst thechessONCHAIN. The 30-day moving average of active addresses fell to 609,688 on July 19, while the 100-day average declined to 621,957 on July 27.
These lows are comparable to those seen in July 2018 (570,710) and January 2019 (605,433). Active addresses measure unique Bitcoin addresses that send or receive BTC on a given day, but the metric does not represent the exact number of users, as one person or entity can control multiple addresses.
ThechessONCHAIN compared this decline to Bitcoin's previous major bear-market cycle. When Bitcoin bottomed at $3,206 in December 2018, both activity averages were higher than their latest lows.
However, the analyst notes that the network activity lows did not line up precisely with Bitcoin's price bottom. The 30-day average reached its low 166 days before BTC bottomed, while the 100-day average reached its low 44 days afterward.