Bitcoin Network Sputters Amid Decline in On-Chain Metrics
The Bitcoin network's performance has been stagnant in 2025, mirroring broader challenges within the crypto market.
A recent analysis of on-chain metrics by Yonsei_dent reveals a decline in Bitcoin network fundamentals since Q4 2024.
The Active Addresses (AA) metric, which tracks the number of wallet addresses participating in transactions over a defined period, serves as a key indicator. According to Yonsei_dent, the steady decline in active addresses indicates a potential weakening in investor engagement.
The 'death cross' phenomenon has appeared, marked by the 30-day moving average (30DMA) for active addresses crossing below the 365-day moving average (365DMA). This pattern suggests looming bearish momentum and possibly extended downturns in both price and network activity.