CoinEx News: Bitcoin active addresses have continued to trend lower into 2026, with Glassnode's long-term chart showing the metric slipping toward the 500,000-600,000 range, well below the 2021 peak above 1.2 million. The decline has persisted even as BTC remains far above pre-ETF cycle levels, suggesting that current market strength has not been matched by a comparable recovery in base-layer network activity.

This points to a BTC market still being driven more by macro liquidity and institutional allocation than by a broad expansion in on-chain participation, leaving underlying usage softer than headline price action may suggest.