Bitcoin’s network activity has quietly slid back to territory most traders associate with the darkest stretch of the 2018 bear market. Daily active addresses fell to around 655,900 in late March 2026, down from a peak of roughly 938,600 in August 2025. That is a drop of more than 30% in under eight months.
The catch: Bitcoin’s price has not followed the same script. During the 2018-19 trough, cratering on-chain activity came packaged with cratering prices. This time, price levels have held up comparatively well, which makes the signal harder to read at a glance.
What the numbers actually say
Active addresses measure how many unique wallets either sent or received Bitcoin on a given day. The August 2025 peak of approximately 938,600 daily active addresses reflected a network buzzing with participants. By March 25, 2026, that figure had compressed to 655,908, a level last seen during the protracted 2018-19 bear cycle.
By early August 2026, addresses had edged back up to a range of 660,000 to 675,000. A slight recovery, but still nowhere near the prior highs.
