Bitcoin network activity falls to multi-year lows

Bitcoin's active addresses have hit lows not seen since 2018–2019, with recent counts around 545,233. While this may signal a market bottom, analysts warn it's not a definitive indicator.

Recent data reveals that Bitcoin's network activity has declined to levels not seen since the 2018–2019 bear market. According to CryptoQuant, the 30-day moving average of active Bitcoin addresses dropped to 609,688 on July 19, 2026, while the 100-day average reached 621,957 on July 27. Daily active addresses even fell as low as 545,233 on August 9, 2026, figures comparable to the lows of 570,710 in July 2018 and 605,433 in January 2019. Analysts point out that such low activity has historically coincided with market cycle bottoms. However, they caution that reduced address activity alone does not guarantee a price bottom, as similar patterns have occurred during both bear and bull markets. Despite the recent decline, there are signs of renewed adoption, with the 30-day SMA of active addresses rising to its highest point since May 2026. Meanwhile, Bitcoin's price has dropped over 25% year-to-date, but trading volume has increased by more than 23%.