Bitcoin is trading in the mid-$60,000s as on-chain data reveals a significant slowdown in network activity, with fewer addresses transacting. Analytics firms report this “social demotivation” often precedes a shift in market sentiment, even as accumulation by large holders has accelerated by over 200,000 BTC in recent weeks.
Bitcoin has been trading around the mid-$60,000s after failing to reclaim the $70,000 threshold. On-chain activity for the cryptocurrency is showing signs of stagnation, according to data shared by Alphractal.
The firm reported that Bitcoin’s active supply has stopped growing, indicating fewer coins are moving. This latest decline goes beyond market structure and reflects “global human behavior,” as weaker prices have made participants less willing to act.
Analytics indicate holders are increasingly keeping coins idle, resulting in a quieter network. This phase is described as “social demotivation” on-chain, amid emotional fatigue and reduced engagement.
Data also reported a sharp deterioration in Bitcoin’s network activity compared with 2021 levels. There are 42% fewer unique BTC addresses making transactions and 47% fewer new addresses being created.
A clear bearish divergence developed throughout 2025 as total market capitalizations reached new highs. This occurred even as Bitcoin’s on-chain utility declined.
Even as on-chain participation has slowed, accumulation by large BTC holders has accelerated. Bitcoin whale accumulation has increased by more than 200,000 BTC in recent weeks.
While whale inflows to exchanges have picked up, overall whale holdings have continued to rise. CryptoQuant tracks whale-held supply using monthly averages, which shows holdings increased by 3.4% over the past month.
During this period, the amount of Bitcoin held by whales grew from around 2.9 million BTC to more than 3.1 million BTC. A similar scale of accumulation last occurred during an April 2025 market correction, which preceded a significant rally.
