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05/06/26 08:25 UTC-04

Activity on the Bitcoin Network Falls to a Seven-Year Low

The number of active addresses on the Bitcoin network has fallen to nearly 600,000 — a level last seen in 2019, when the crypto market was in a bearish trend. Experts at Bitcoin Magazine suggested that there may be several reasons for these changes.

Analysts noted that Bitcoin user activity has been declining for several years, even though the leading cryptocurrency has become more accessible through regulated investment products, particularly exchange-traded funds (ETFs) that track Bitcoin. Thanks to the emergence of BTC ETFs, major stock market investors have gained indirect access to the cryptocurrency without needing to buy it themselves on a crypto exchange, reducing demand for direct blockchain transactions, the magazine’s experts explained.

At the same time, Bitcoin is facing increasing competition from other layer-1 networks such as Ethereum, Solana and Tron. These networks are used for payments and stablecoin settlements, while Bitcoin continues to be used primarily as a store of value.

Bitcoin Magazine experts also linked the decline in Bitcoin network activity to the GENIUS Act adopted in the United States, which established rules for the issuance and circulation of stablecoins. After the law came into force last summer, large companies began using stablecoins more often for fast and low-cost payments. Analysts suggested that Bitcoin user activity may remain low if capital continues to flow into shares of companies connected to artificial intelligence.

Bitcoin is currently trading at around $62,436, with a market capitalisation of $1.25 trillion. This is roughly half of its all-time high of $126,198, reached in October 2025. The coin’s daily trading volume fell by 7.2% to $54.3 billion.

In April, analysts at the CryptoQuant platform calculated that the number of active addresses on the Ethereum network had reached an all-time high, approaching 587,000. CryptoQuant explained this by the development of the Ethereum ecosystem.

See also: "Will XRP Reach $2 by the End of June After Falling Close to February Lows?"

#Bitcoin (BTC) #Blockchain

Editor: Alyona Nabok
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