This Bitcoin Bull Market Cycle Breaks The Mold With Unusually Waning Network Activity
2025-06-30 14:23:23
Main Idea
The current Bitcoin bull market is unusual as network activity is declining despite the price surge, possibly due to increased investor preference for Bitcoin ETFs over direct holdings.
Key Points
1. Bitcoin's price is above $107,000, but network activity is faltering, unlike previous bull cycles where activity increased with price.
2. On-chain data shows a decline in active Bitcoin addresses since 2021, indicating reduced on-chain participation.
3. The introduction of Bitcoin Spot ETFs may be influencing investors to opt for ETF exposure rather than direct BTC holdings, impacting network activity.
4. Experts note this cycle feels different due to the divergence between price performance and network metrics.
5. Historical trends show network activity resumes growth after bear markets, but this has not been the case since 2023.
Description
Bitcoin’s strong positioning above the $107,000 mark has sparked hopes of a continued bull market cycle, with the potential to reach a new all-time high before it comes to an end. Despite this remarkable performance, the current bull cycle still feels different when compared to past cycles in terms of network activity. Unlike Past Bull Cycles, Bitcoin Network Activity Falters After reclaiming beyond the $100,000 landmark, Bitcoin’s bull cycle looks like it is still on. However, the current Bitco...
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