Total number of unique active addresses has been in a steady decline since March this year and has to be taken as seriously negative signal. While Bitcoin's price remains in a sideways sloping down movement in same time frame, growing worries in US around employment data, FED cutting rates (never a good medium term sign for risk-on assets) that did not boost stock market significantly, add up to a bearish sentiment for crypto.
As you can clearly see this is the biggest decline since 2021 and unless reversed soon, looks heading for under 650k that we have seen in 2018 bear market.
You should not be surprised if BTC's price starts catching up with address activity trend very soon.
Written by gigisulivan
