#BTC on-chain activity is flashing caution.

CryptoQuant data shows Bitcoin still stuck in a bearish phase. The Highly Active Address metric continues to trend lower, pointing to fading speculative interest.

The setup feels familiar very 2018-like:

Fewer active addresses, lower transaction counts, softer fees, and large players stepping back.

Periods like this don’t stay quiet forever.

Historically, low activity tends to come before volatility expands.

Worth keeping on the radar.