@rufwqus
On-chain activity often provides early clues to market cycles. A decline in active Bitcoin addresses suggests reduced retail participation or waning speculative activity. While not a definitive bear signal, past cycles show declining network usage often precedes price weakness. However, in the ETF era, institutional demand may decouple network activity from price trends. If address activity continues to shrink while price holds, it may reflect consolidation rather than a true cycle top. Still, traders should stay cautious.
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