Bitcoin network activity has fallen to levels last seen around the 2018–2019 bear market, according to CryptoQuant analyst thechessONCHAIN.
The 30-day moving average of active Bitcoin addresses fell to 609,688 on July 19, 2026, while the 100-day average declined to 621,957 on July 27. For comparison, similar lows were recorded at 570,710 in July 2018 and 605,433 in January 2019, respectively.
Active addresses measure unique Bitcoin addresses that send or receive BTC on a given day. However, the metric does not represent the exact number of users, since one person or entity can control multiple addresses. Moving averages help smooth daily volatility and provide a clearer view of broader network activity trends.
Bitcoin Active Addresses Return to 2018–2019 Levels
The analyst compared the latest decline with Bitcoin's previous major bear-market cycle.
When Bitcoin bottomed at $3,206 on December 14, 2018, both activity averages were actually higher than their latest lows, at 625,967 for the 30-day average and 632,754 for the 100-day average.
Exponential Averages of Bitcoin Active Addresses (EMA30 and EMA100). Source: thechessONCHAIN
More importantly, the lows in network activity did not line up precisely with Bitcoin's price bottom. The 30-day average reached its low 166 days before BTC bottomed, while the 100-day average reached its low 44 days afterward.
Similar activity levels also appeared during the 2016–2017 bull market. That suggests low active-address counts alone cannot reliably identify either a bear-market bottom or the timing of a price reversal.
Historical comparisons therefore provide useful context, but they should not be treated as a standalone trading signal.
