📉 Since Feb 2021, on-chain activity has cooled hard:

• -42% fewer unique $BTC transacting addresses

• -47% fewer new addresses

Not “crypto is dead” but it is a clear bearish divergence. Market caps pushed higher in 2025 while utility trended lower.

📊 A real, sustainable rally starts when active addresses and network growth turn up again.

BTCUSDT

Διην.

66,929.9

+1.40%

Alts may pump on narratives but lasting upside follows real usage.