Bitcoin's active address ratio has hit its lowest level since November 2010, with June's weekly active wallet ratio dropping to 1.22%. The total number of active wallets also reached a multi-year low in May, with only 614,770 active wallets - the lowest since December 2018. This drop in activity suggests a phase of market consolidation. Juan Pellicer, a senior researcher at IntoTheBlock, attributes this to weaker retail participation, with this year's run to a new all-time high driven by institutional capital. This comes as investors prepare for a period of increasing whale movements, including the Mt. Gox trustee planning to start distributing payments to creditors in July.