Bitcoin’s network activity just fell to a level not seen since the last major bear market. According to data from CryptoQuant analyzed by Finbold, Bitcoin active addresses dropped to 545,233 on August 9, 2026, the lowest reading since 2018. The slump lands more than ten months into a prolonged downturn for the asset, raising fresh questions about whether the network is simply quieting down or whether this is the kind of exhaustion that has historically preceded a turnaround.
Summary
Key takeaways
- Bitcoin active addresses fell to 545,233 on August 9, 2026, the lowest level since 2018, according to CryptoQuant data cited by Finbold.
- The 30-day EMA of active BTC addresses stood at 570,710 back in July 2018, offering a historical reference point for the current slide.
- Active addresses (30-day SMA) declined by 10.84%, from roughly 721,755 on October 6 to about 643,507 on August 9.
- Bitcoin traded at $64,960 at the time of reporting, down more than 25% year-to-date, while 24-hour trading volume hit $15.4 billion, up over 23%.
- The SMA(30) for active addresses has climbed to its highest point since May 29, 2026, a signal some analysts link to renewed adoption.
Bitcoin Active Addresses Hit Lowest Point Since 2018
The pullback in daily network usage is significant because active addresses are one of the clearest proxies for real user engagement on the Bitcoin blockchain, separate from price swings alone. When fewer unique wallets send and receive BTC each day, it typically points to cooling retail participation, even if larger holders remain active behind the scenes.
Historical Active Address Metrics
To understand how unusual the current reading is, it helps to look back at the last comparable bear market. In July 2018, the 30-day exponential moving average (EMA) of active Bitcoin addresses sat at 570,710. By January 2019, as that downturn matured, the 100-day EMA had risen to 605,433. Those numbers now sit just above the 545,233 figure recorded on August 9, 2026, underscoring how thin network activity has become relative to Bitcoin’s own history.
Recent Decline and Its Quantification
The drop did not happen overnight. On October 6, when Bitcoin was trading at $124,709, the 30-day SMA of active addresses stood at around 721,755. By August 9, that same metric had slipped to approximately 643,507, a loss of 78,248 unique accounts, or a 10.84% decline over the period. That steady erosion in daily wallet activity mirrors the broader pullback in Bitcoin’s price from its late-2025 highs.
Current Bitcoin Market Metrics and Trading Activity
Bitcoin’s price trend and its network activity are telling slightly different stories right now, and that gap is exactly what makes this data worth watching. Price has fallen sharply on a year-to-date basis, yet a key address-count average is quietly climbing off its lows.
Price Performance and Trading Volume
Year-to-date, Bitcoin’s price has plummeted by more than 25%, trading at $64,960 at press time, according to Finbold’s analysis. Despite that steep decline, the coin has managed a marginal 0.2% gain over the past 24 hours. Trading volume over that same window reached $15.4 billion, a jump of more than 23% on the day, suggesting that even amid weak sentiment, market participants are still actively repositioning around current price levels.
Recent Increase in Active Addresses and Institutional Influence
Here is where the picture gets more interesting. While the raw address count hit a multi-year low on August 9, the SMA(30) for active addresses has actually climbed to its highest level since May 29, 2026. Finbold’s reporting links this uptick to a broader wave of bullish sentiment tied to institutional buying activity. Why this matters: a rising moving average, even against a backdrop of depressed price action, can be an early tell that network usage is bottoming out before price does — a pattern crypto traders watch closely heading into potential trend shifts.
Implications for Bitcoin Price and Market Sentiment
Rising address activity alone rarely moves markets, but when it coincides with other structural shifts, analysts tend to pay closer attention. That is roughly the situation Bitcoin finds itself in right now.
Potential Bullish Momentum from Rising Active Addresses
If Bitcoin active addresses keep climbing in the weeks and months ahead, the resulting bullish momentum could strengthen, echoing the pattern seen after the 2018/2019 bottom, which was eventually followed by a rally to new all-time highs. That comparison is not guaranteed to repeat, but it is the historical parallel driving much of the current optimism among on-chain analysts.
That optimism has company elsewhere in the market. CryptoQuant CEO Ki Young Ju recently pointed to a rare shift on the Chicago Mercantile Exchange, where leveraged hedge funds have flipped to a net long position on Bitcoin futures after years of structural short positioning tied to the basis trade. “Hedge funds on CME have flipped net long on bitcoin futures, a rare shift after years of structural short positioning driven by the basis trade. You cannot run a traditional carry trade with an aggregate net-long futures position. The suits are now betting on bitcoin’s upside,” Ki Young Ju said, as reported by CoinDesk. The shift followed the annualized three-month futures basis falling to roughly 3%, below the yield on two-year U.S. Treasury notes, making the once-popular carry trade less attractive as Bitcoin rebounded from around $58,000 toward $65,000.
Comparison with Post-2018/2019 Market Bottom
Separately, a review of six crypto research firms, including CryptoQuant, K33, Glassnode, Bitfinex, Grayscale and 10x Research, has flagged conditions historically associated with prior Bitcoin cycle bottoms, according to The Coin Republic. CryptoQuant data cited in that report showed whale balances rising from 2.87 million BTC in December 2025 to roughly 3.06 million BTC, while K33 found that more than half of Bitcoin’s circulating supply had moved into unrealized loss, a threshold that preceded cycle lows by 13 to 31 days in 2017, 2018 and 2022. None of the six firms has confirmed that a durable bottom is in place, and 10x Research specifically warned that miner selling and softer corporate treasury demand could still add fresh supply pressure. Taken together with the pickup in Bitcoin active addresses, these overlapping signals suggest the market may be somewhere in a bottoming process rather than a confirmed reversal — a distinction that matters for anyone trying to time exposure to the current crypto bear market.
FAQ
What does the decline in Bitcoin active addresses indicate?
The drop in Bitcoin active addresses to levels last seen in 2018 indicates reduced network activity amid a prolonged bear market.
How might the recent increase in the 30-day SMA of active addresses affect Bitcoin’s outlook?
The recent rise in the 30-day SMA signals renewed adoption, which could strengthen bullish momentum if sustained.
What is the current Bitcoin price trend compared to the start of the year?
Bitcoin’s price has declined over 25% year-to-date, trading around $64,960 at the reporting time.
How has trading volume changed recently on the Bitcoin network?
Trading volume increased by more than 23% in the last 24 hours, indicating higher transaction activity despite the price drop.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
