Bitcoin (CRYPTO: BTC) trades around $66,000, but on-chain data suggests the broader crypto market may not be “dead,” though warning signs are emerging.

Is Crypto Dead? On Chain Metrics Say Not Yet

According to data from Santiment, Bitcoin’s network activity has declined significantly since February 2021: 42% fewer unique addresses transacting and 47% fewer new addresses being created.

While this does not confirm a multi-year bear market, it reveals a notable bearish divergence: Bitcoin’s market capitalization reached new highs in 2025 even as underlying network participation weakened.

For a sustainable long-term relief rally, analysts suggest key metrics, such as active addresses, new…

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