Bitcoin daily active addresses dropped by more than 30% between August 2025 and March 2026, falling from approximately 938,600 to around 655,900, a level comparable to the 2018-2019 bear market. Bitcoin’s price, however, has not followed the same trajectory, holding steady despite the sharp decline in on-chain activity. CryptoQuant analysts interpret this setup as a potential bottoming condition, with speculative participants gradually withdrawing from the network. The rebound toward 660,000 to 675,000 addresses in early August 2026 is being closely monitored. Market structure has also fundamentally shifted due to institutional participation and spot ETFs, which reduce the on-chain footprint of millions of retail investors.
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