Bitcoin feels stronger on price than it feels on chain.
That is the part many people are missing.
In 2021, Bitcoin was noisy. New wallets were opening, active addresses were high, retail was moving coins, chasing candles, panic buying and panic selling.
Now the price is much higher, but the network feels quieter.
Active addresses are down around 44% from the May 2021 peak, and new wallet growth is also down around 43%. That does not mean Bitcoin is dead. It means this cycle is being carried diff...