Despite Bitcoin trading above $105,000, a key metric reveals a striking disconnect between price and participation.
According to a new analysis by Alphractal, the number of active BTC addresses remains at levels last seen in 2020—an era dominated by pandemic fear, political turmoil, and global uncertainty.
This unusual stagnation in user activity suggests the broader market may not be celebrating Bitcoin’s six-figure achievement.
Alphractal argues that this isn’t due to long-term conviction or holder discipline. Instead, both on-chain transaction volume and spot exchange activity remain muted, implying widespread disinterest rather than strategic holding.
“Bitcoin may be above $100K, but the crowd isn’t here for it,” the report states.
The firm dismisses the idea that subdued participation stems from a belief in Bitcoin as a passive store of value. In their view, the current state reflects disillusionment among retail and institutional players alike—leaving only the most committed investors to capitalize on the long-anticipated milestone.
For now, Bitcoin’s price may be soaring, but the blockchain itself shows little sign of euphoria.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/active-addresses-drop-as-bitcoin-surges-past-105000/