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Bitcoin’s active address count has fallen 43% over about two years, while transfer volume is down just 5.4%, according to an analysis by on-chain analyst Axel Adler Jr.
Adler said the 30-day moving average of Bitcoin active addresses stood at 629,000 as of Nov. 1, down 43% from a peak of 1.1 million in December 2024. The figure also fell 1% over the past week. Adler noted that in 2018, active addresses dropped 50% in three months, whereas the current decline of a similar scale has unfolded gradually over about two years. The current active address count is around 10% below the annual average of 702,000, and a recovery to that level would signal network activity has begun to move above the average seen over the past year. By contrast, the 30-day moving average of Bitcoin’s daily transfer volume slipped only 5.4% to 819,000 BTC from 865,000 BTC on Dec. 10, 2024. Although it fell 2.5% over the past week, it still remains 5.5% above the annual average of 776,000 BTC, suggesting the drop in actual Bitcoin transfer volume has been limited compared with the decline in active addresses.