Bitcoin’s (BTC) on-chain activity has declined sharply, with the number of active addresses dropping by nearly 40% over the past two weeks amid ongoing price consolidation.
Indeed, Bitcoin active addresses have fallen from approximately 821,000 to 494,000, a 39.8% decrease, according to Glassnode data shared by Ali Martinez in an X post on May 26.
This metric reflects the number of unique addresses that participate in transactions as senders or receivers and indicates reduced network engagement during sideways price movement.
Bitcoin price analysis chart. Source: Ali Martinez
The slowdown in network activity is widely seen as a healthy reset that flushes out short-term speculative participants.
As weaker hands step back, Bitcoin supply becomes increasingly concentrated among long-term holders with stronger conviction.
This shift can reduce selling pressure and strengthen the network’s foundation for future growth. Historically, declining active addresses during conso
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