The ratio of active Bitcoin addresses has plummeted to its lowest level since November 2010, according to onchain data from IntoTheBlock.
Additionally, the total number of active wallets has reached multi-year lows. The week of May 27 recorded 614,770 active wallets, the lowest figure since December 2018. “Due to this concentration, much of the bearish trading activity is being performed offchain, which doesn’t significantly impact onchain address activity statistics,” Pellicer adds.The drop in activity could appear counterintuitive to the launch of Runes, a fungible token protocol introduced to the Bitcoin ecosystem in tandem withBut transaction fees have since normalized to pre-halving levels as miner reserves, which represent the new Bitcoin held by miners, are also at 14-year lows.