@regreg
A persistent decline in active on-chain addresses can be an early warning of waning user engagement and sometimes precedes market tops, but context matters. If declines stem from migration to L2s or batching, it’s less alarming. In the next [time period], correlate address trends with transaction value and developer activity: paired declines increase correction risk; divergence (low addresses, high value) suggests concentrated activity, not necessarily a top.
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