CryptoQuant’s Network Activity Index for Bitcoin is locked down, suggesting that demand for blockchain remains weak.
CryptoQuant’s Bitcoin Network Activity Index Has Cooled Down
As highlighted by CryptoQuant community analyst Maartunn in X’s post, Bitcoin on-chain activity has cooled off recently. The relevance indicator here is the “Network Activity Index” from the analysis company CryptoQuant, which combines several activity-related metrics to show the overall situation in the blockchain.
Indicators specified by the index include active addresses (both receiving and sending), transactions (amount and per block), UTXO count, and bytes per block.
Now, here’s a chart shared by Maartunn that shows how the CryptoQuant Network Activity Index has changed for Bitcoin over its history:
Looks like the value of the metric has steadily been going down in recent months | Source: @JA_Maartun on X
As shown in the graph above, the Bitcoin Network Activity Index has been following a downward trend recently, which is a sign that transaction activity on the blockchain is decreasing.
Along with this decline, the index is stuck in the region below its 365-day moving average (MA), something that usually accompanies bearish phases.
It is interesting that the red signal in the indicator has actually been maintained since before the change of winds that the market saw in the last half of 2025. This means that although BTC saw a rally to all-time highs (ATHs) during the year, network activity was still in a state of decline. From the chart, it can be seen that this pattern was also proven in 2021; the second half of that year’s bull run saw the metric flash a bearish signal.
Given that the Bitcoin Network Activity Index has continued to be in the red recently, it appears that demand for the network remains weak. Now it only remains to be seen how long it will take before the index sees a reversal.
In other news, on-chain analytics company Glassnode shared data for its new index, Accumulation Trend Score by Wallet Cohort, in X’s post. This metric tells us about the 30-day cumulative behavior of various Bitcoin investor groups.
As the chart below shows, the Accumulation Trend Score has been in neutral or red values across the market recently.
The value of the metric seems to have been red for most of the groups in recent days | Source: Glassnode on X
The orange-red levels of all Bitcoin groups indicate that the behavior of investors depends on the recent distribution. In contrast, other groups have been participating in the rally following the price crash in February.
BTC price
At the time of writing, Bitcoin is floating around $70,900, up more than 2% in the last 24 hours.
The trend in the price of the coin over the last five days | Source: BTCUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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