According to ChainCatcher, Glassnode data shows that after the Bitcoin halving in April 2024, the number of active Bitcoin addresses dropped significantly due to soaring transaction fees and network congestion. This increase in fees, due in part to the emergence of new protocols such as Runes, has impacted Bitcoin’s utility in daily transactions, resulting in a significant drop in network activity. While the current number of active addresses has dropped to its lowest level since 2019, Bitcoin prices are near all-time highs.