Active Addresses Drop as Bitcoin Surges Past $105,000
Despite Bitcoin trading above $105,000, a key metric reveals a striking disconnect between price and participation.
According to a new analysis by Alphractal, the number of active BTC addresses remains at levels last seen in 2020—an era dominated by pandemic fear, political turmoil, and global uncertainty.
This unusual stagnation in user activity suggests the broader market may not be celebrating Bitcoin’s six-figure achievement.
Alphractal argues that this isn’t due to long-term conviction or holder discipline. Instead, both on-chain transaction volume and spot exchange activity remain muted, implying widespread disinterest rather than strategic holding.
“Bitcoin may be above $100K, but the crowd isn’t here for it,” the report states.
The firm dismisses the idea that subdued participation stems from a belief in Bitcoin as a passive store of value. In their view, the current state reflects disillusionment among retail and institutional players alike—leaving only the most committed investors to capitalize on the long-anticipated milestone.
For now, Bitcoin’s price may be soaring, but the blockchain itself shows little sign of euphoria.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
