Bitcoin on-chain data shows both the Daily Active Addresses and Network Growth indicators have seen sharp drops compared to five years ago.
Wallet-Related Bitcoin Metrics Have Declined In Recent YearsThe first of these measures the total number of BTC addresses that are coming online every day. A wallet is said to come ‘online’ when it participates in some kind of transaction activity on the network. Thus, the Daily Active Addresses essentially tracks the unique daily count of addresses making at least one transfer on the network.
The other indicator, the Network Growth, tells us about the amount of addresses that are coming online on the blockchain for the first time. In other words, it tracks the amount of new addresses joining the network every day.
Now, here is the chart shared by Santiment that shows the trend in the Daily Active Addresses and Network Growth for Bitcoin over the last several years:
As displayed in the above graph, both the Bitcoin Daily Active Addresses and Network Growth witnessed a significant drop at the start of 2024. The former made some recovery as the cryptocurrency observed its bull rally in the second half of the year, but the latter still remained at relatively low levels despite a jump.
In 2025, both indicators again slumped and took to sideways movement, despite the fact that Bitcoin explored fresh highs. Santiment noted that “there was a clear bearish divergence that had been forming throughout 2025 as market caps continued to hit new heights while Bitcoin’s utility declined.”
During the recent market downturn, the indicators have gone a notch lower. Currently, there are 650,000 unique addresses interacting on the blockchain per day, which is down 42% compared to February 2021, five years ago. Similarly, the Network Growth is sitting at a value of 291,000, reflecting a 47% drop for the same window.
A justification for crypto beginning to see a true long-term relief rally will be when metrics like active addresses and network growth begin to rise.
BTC PriceBitcoin continues to move sideways as its price trades around the $66,400 level.
