Bitcoin Network Activity Index Slips as On-Chain Demand Stays Weak

CryptoQuant’s Bitcoin Network Activity Index has continued in a downtrend, implying that on-chain demand for using the Bitcoin network remains weak. The index aggregates active receiving/sending addresses, transaction counts (total and per block), UTXO count, and bytes per block. Community analyst Maartunn shared a chart showing the Bitcoin Network Activity Index has been sliding for months and remains below its 365-day moving average, a pattern often seen during bearish phases. Notably, even during BTC’s rally to new all-time highs in 2025, the Bitcoin Network Activity Index stayed in a “red”/bearish zone, suggesting network usage did not strengthen with the price. The article also cites Glassnode’s Accumulation Trend Score by Wallet Cohort: many investor cohorts have recently printed neutral-to-red values, leaning toward distribution rather than accumulation. A few cohorts accumulated after the February price drop, but the broader picture remains mixed. At the time of writing, Bitcoin is trading around $70,900, up over 2% in 24 hours, but the on-chain indicators point to weaker real demand underneath. Traders may watch for a reversal in the Bitcoin Network Activity Index and a shift in Glassnode’s cohort scores to confirm whether current strength can sustainably translate into improved network activity.