Bitcoin News
By Steven Anderson
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Bitcoin Network Activity Drops Below Long-Term Average. According to a new CryptoQuant Quicktake report by analyst TeddyVision, Bitcoin’s Network Activity…
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Shift Toward Off-Chain Transactions. One major factor behind this decline is the migration of liquidity to off-chain channels such as…
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Why On-Chain Activity Matters. Bitcoin’s network fundamentals have historically been a leading indicator of sustainable market…
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Analysts Debate Bitcoin’s True Strength. While some see the decline in on-chain metrics as a bearish signal, not all analysts agree that…
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Price Outlook: Cautious Optimism for Q4 2025. Despite the drop in network usage, market sentiment heading into the fourth quarter of 2025…
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The Bottom Line. Bitcoin’s price resilience contrasts sharply with its weakening on-chain fundamentals.
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Bitcoin’s (BTC) recent performance has been marked by volatility, highlighted by a flash crash on October 9 that briefly sent the price down to $102,000 before a quick rebound.
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According to a new CryptoQuant Quicktake report by analyst TeddyVision, Bitcoin’s Network Activity Index has remained below its 365-day moving average for most of 2025.
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Historically, when network activity rises, it indicates growing adoption and genuine user engagement.
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TeddyVision highlighted that 2025 has been notably slow compared to the bullish periods of 2023–2024, when surging on-chain activity preceded major rallies.
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One major factor behind this decline is the migration of liquidity to off-chain channels such as Bitcoin ETFs, custodial platforms, and synthetic derivatives.
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“Capital keeps rotating, but not expanding,” said TeddyVision. “Most flows are happening off-chain through ETFs and custodians, while genuine on-chain demand remains subdued.”
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This trend represents a growing disconnect between Bitcoin’s valuation and its network fundamentals.
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During 2023–2024, Bitcoin’s price surges were accompanied by significant increases in on-chain transactions, reflecting genuine adoption and network utility.
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This shift has raised questions among analysts about whether Bitcoin’s valuation can remain justified if network growth continues to lag.
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