Bitcoin Network Activity Hits Lowest Level Since 2018 Amid Prolonged Bear Market

Bitcoin's network activity has dropped to its lowest level since 2018, according to data from CryptoQuant analyzed by Finbold. On August 9, 2026, Bitcoin active addresses fell to 545,233, a significant decline from the previous year.

The drop in active addresses is concerning as it indicates reduced network activity and cooling retail participation. However, some analysts see this as an opportunity for renewed adoption and potentially bullish momentum.

The recent increase in the 30-day SMA of active addresses has climbed to its highest point since May 29, 2026, which some link to institutional buying activity. This uptick could signal a bottoming process rather than a confirmed reversal, according to The Coin Republic report.