has struggled to clear the record high of $73.7K hit in mid-March, about three months ago. However, Jurrien Timmer, director of global macro at asset manager Fidelity, has pointed fingers at its recent ‘slow’ network.
After peaking at 1.1 million active addresses in early March, just days before hitting the ATH, the metric has dropped to 620K as of press time. This showed network activity declined considerably in Q2.The executive cited the non-zero BTC addresses to further support his thesis on the importance of network growth to BTC price.Interestingly, non-zero BTC balance addresses crossed the 50 million mark in Q4 2023, amidst heightened US spot BTC ETF speculations.
Despite the surge in non-zero BTC addresses, Timmer stated that the overall drop in network activity was dragging the BTC potential rally. He added,