Bitcoin network activity has fallen to its lowest level in more than seven years, according to active address data.
As of June 4, Bitcoin's 60-day average of active addresses stood just above 600,000, a level last seen during the 2019 bear market.
The decline is notable because Bitcoin's price remains far higher than it was in 2019, suggesting a growing disconnect between market valuation and on-chain usage.
Some analysts argue that the rise of spot ETFs and institutional custody solutions has shifted activity away from the blockchain itself, reducing the need for direct transactions.
Others view the drop in active addresses as a sign of weaker organic network demand, making on-chain activity an important metric to watch in the months ahead.