Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin’s strong positioning above the $107,000 mark has sparked hopes of a continued bull market cycle, with the potential to reach a new all-time high before it comes to an end. Despite this remarkable performance, the current bull cycle still feels different when compared to past cycles in terms of network activity.

Unlike Past Bull Cycles, Bitcoin Network Activity Falters

After reclaiming beyond the $100,000 landmark, Bitcoin’s bull cycle looks like it is still on. However, the current Bitcoin bull cycle is deviating from historical norms because of an unanticipated dip in on-chain activity rather than price action.

Darkfost, a verified author on CryptoQuant and market expert, has underlined the disparity between this cycle and past cycles in a research shared on the X platform.  “We’ve often heard that this cycle feels different, and when it comes to Bitcoin network activity, it truly is,” the expert stated.

Unlike earlier bull cycles that were accompanied by a high number of transactions, skyrocketing address growth, and soaring network fees, this cycle is taking place on a rather quiet blockchain action.

According to the on-chain expert, this is the first bull market cycle of Bitcoin where there is no increase in on-chain activity, reflecting a shift in the historical trend. The expert has delved into BTC’s active address count, revealing a persistent drop.

Data shows that the number of BTC active addresses has been steadily declining since its peak in 2021 during the bull cycle. Despite BTC’s notable upward performance this cycle, fewer wallets appear to be interacting with the network, which is an indication of fading on-chain participation. 

In 2021, BTC’s active addresses reached a high of 1.5 million, but the figure has since fallen to 740,000 addresses. This steady decline in active addresses raises concerns about the sustainability of the current rally.

Spot BTC ETFs Influencing Investment In The Asset

Historically, activity on the Bitcoin network tends to resume its growth after a bear market phase. However, this has not been the case for the leading blockchain since 2023. During the inception of the Bitcoin Spot Exchange-Traded Funds (ETFs), a sharp drop in network activity was also observed.

Addressing the 2024 decline, Darkfost stated that many investors may be opting to obtain exposure through ETFs rather than directly holding BTC. By doing so, these investors might steer clear of the security dangers associated with self-custody and the complexity of managing transactions.

Considering this shift, it could be said that the introduction of spot Bitcoin ETFs may have had a significant impact on how investors invest in BTC, with obvious ramifications for on-chain measures. As the number of active addresses continues to decrease, speculations are whether the ongoing rally is relying more on speculative flows or institutional demand rather than broad user participation.

Featured image from Pixabay, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Crypto Journalist

Amin Ayan

Crypto Journalist

Amin Ayan

About Author

Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has…

Share

Last updated: 

June 4, 2025

Global search interest in Pi Network has fallen to its lowest level of 2025, raising fresh questions about the project’s momentum just weeks ahead of its flagship event, Pi2Day, on June 28.

According to Google Trends, search interest for “Pi Network” now sits at a score of just 5, lower than levels seen before the network’s enclosed mainnet launched.

The data, which shows interest peaked in March 2025, signals declining public interest in the network following its long-awaited launch of its mainnet, dubbed the “Open Network,” in February.

Pi Coin IOU Trading Collapses as Market Interest Fades

The sharp drop in visibility comes alongside a collapse in trading activity for Pi Coin IOUs on unofficial markets.

Daily volume has plunged from over $2 billion in mid-May to just $56 million as of June 4, a staggering 97% decline.

Despite the downturn, some in the community remain hopeful that Pi2Day — an annual celebration tied to Elon Musk’s birthday — could deliver a turnaround.

In a post on X, Pi Network Alerts told followers that big updates are coming for Pi2Day, with mass migration expected to begin in the coming days.

Speculation around a potential Binance listing has also fueled chatter.

CryptoLeakVN claimed, “Hot rumor: Binance might list Pi Coin on Pi2Day (June 28th)? If true, this could mark a historic milestone for the Pi Network!” There has been no confirmation from Binance or the Pi Core Team.

Behind the scenes, some developers warn that technical hurdles remain.

Dimas Nawawi, a vocal Pi contributor, cautioned that Pi Nodes still require protocol upgrades and that the Core Team has yet to select Nodes for Mainnet.

He noted that only dozens of Mainnet Nodes are currently active out of more than 200,000 ready for deployment.

Nawawi also pointed out that running smart contracts will require an update to at least Protocol version 20.

He criticized recent grassroots campaigns pushing for an immediate Global Conversion Value (GCV), arguing that GCV should be achieved through proper development rather than community-driven urgency.

Unless the Pi Core Team delivers clear progress this month, Pi2Day risks falling flat — adding to growing doubts over whether Pi Coin’s long-promised open mainnet will ever launch.

Pi Coin Struggles Persist as Pi Trades Near Lows

Pi Coin continues to face bearish pressure, with the token hovering around $0.637 at press time.

The broader trend remains weak, as shown in the 1-hour chart, where PI has been locked in a persistent downtrend since April, with no meaningful reversal attempts.

Bollinger Bands are tightening, reflecting reduced volatility, while RSI sits at a bearish 33.51 — suggesting momentum remains to the downside.

The 5-minute chart shows a sharper intraday drop below $0.64 earlier today, with RSI briefly touching 25.93, indicating oversold conditions before a modest bounce.

However, no sustained bullish follow-through has emerged, and MACD remains in negative territory.

On the 1-minute chart, a minor recovery is visible with RSI back to 48.48 and MACD flipping slightly positive, but this short-term uptick is not yet supported by strong volume.

Key resistance now lies near the mid-Bollinger Band at $0.647–$0.65.

Failure to reclaim this level would keep PI vulnerable to further declines. The next support zone is near $0.62–$0.625, a region tested multiple times over the past two weeks.