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BTC Bitcoin network activity drops to bear market levels in 2018-2019
Data from the cryptocurrency analysis platform shows that Bitcoin network activity has dropped to levels during the bear market period from 2018 to 2019. As of July 19, 2026, the 30-day moving average of the number of active Bitcoin addresses dropped to 609,688, while the 100-day moving average dropped to 621,957 on July 27. For comparison, July 2018 and January 2019 recorded lows of 570,710 and 605,433 respectively.
The number of active addresses measures the number of unique addresses that send or receive Bitcoin on a specific date. However, this metric is not equivalent to the actual number of users, as a single user or entity may control multiple addresses. Moving averages help smooth out one-day fluctuations and more clearly reflect trends in overall network activity.
Bitcoin's active address number returns to 2018-2019 levels
Analysts compared the recent decline in active address number with previous Bitcoin's major bear market cycles. When Bitcoin hit the bottom of $3,206 on December 14, 2018, the two activity averages were actually higher than the current lows: the 30-day average was 625,967, and the 100-day average was 632,754.
More importantly, the low point of online activity does not exactly coincide with the bottom of the Bitcoin price. The 30-day average reached its lowest point 166 days before Bitcoin hit bottom, while the 100-day average reached its lowest point 44 days after hitting bottom. Similar levels of activity also occurred during the bull market of 2016 - 2017. This suggests that the low number of active addresses alone cannot reliably judge the timing of a bear market bottom or a price reversal. Therefore, although historical comparisons can provide valuable reference, they should not be used as trading signals alone.
Bitcoin network activity begins to pick up
The current cycle shows a slightly different pattern. Bitcoin hit a regional low of $58,535 on June 30, 2026. The mean levels of activity reached lows after 19 and 27 days, respectively. Since then, both indicators have begun to rise, reaching 664,764 and 640,603 respectively as of August 8.
Analysts call this phenomenon a "joint recovery": Bitcoin prices remain above June lows, while the average of two active addresses has rebounded above July lows. This combination is consistent with a possible bottom structure, although historical data does not prove a direct causal link between rising Internet activity and Bitcoin's bottom.
For the current pattern, three key levels are worthy of attention: a 30-day activity average of 609,688, a 100-day activity average of 621,957, and a Bitcoin price of US$58,535. If one of the average activity falls below its July low again, the reliability of the recovery signal will diminish. The lower level between 2018 and 2019 is only used as a historical reference point rather than a specific downward goal. At the same time, if the Bitcoin price continues to fall below $58,535, the current assumption that the price will bottom out will be overturned.
For now, the data points to a potential recovery in Bitcoin network activity synchronized with price stabilization, but this is not an independent buying signal.
