Following Bitcoin’s (BTC) brutal sell-off on October 9, which saw the top cryptocurrency by market cap flash crash to $102,000 before recovering most of its losses, on-chain signals now show that there has been a noticeable decline in the Bitcoin network usage for most of 2025.
Bitcoin On-Chain Fundamentals Losing Strength?
According to a CryptoQant Quicktake post by contributor TeddyVision, Bitcoin’s Network Activity Index has been consistently trending below its 365-day moving average (MA) for most of 2025. The decline shows a structural slowdown in the Bitcoin network’s on-chain usage.
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For the uninitiated, the Bitcoin Network Activity Index measures how actively users are interacting on-chain – tracking metrics like transaction counts, active addresses, and transfer volumes. A rising index suggests growing organic usage and adoption,
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