Bitcoin looks busy but 31% of its users vanished as ETFs bleed $4.5B in 2026

Bitcoin’s network activity has been weakening for six straight months, but the decline is not showing up in the headline metric many traders watch first. The clearer signal is not transaction volume, which has held up, but participation breadth. Fewer unique addresses are active on the chain, even as the network continues to process a similar number of transactions. In a market where price discovery is increasingly h…