Bitcoin isn’t just a price chart—it’s a living network. And right now, that network looks unusually quiet.
According to a Feb. 23, 2026 report from ForkLog, Bitcoin’s on-chain activity has been declining for six consecutive months, citing CryptoQuant analyst “G a a h.” The analyst described the stretch as an extended period of weak participation—fewer new users, fewer transactions—and suggested the market may be stuck in a longer consolidation phase rather than gearing up for a clean rebound.
That doesn’t automatically mean “bear market forever.” But it does change the conversation. When the chain is calm, it can signal exhaustion, low interest, or simply that activity is shifting elsewhere (Layer 2s, exchanges, batching, custodians). In this article, we’ll unpack what “low network activity” really means, what the data is showing right now, and how traders and long-term holders can read the tea leaves without getting hypnotized by a single metric.
Six months of declining on-chain metrics
ForkLog’s story centers on CryptoQuant’s claim that Bitcoin network activity has been falling for six straight months, with the analyst highlighting a sharp drop in “active addresses” to roughly 30,000 (as presented in the CryptoQuant commentary shared via X).
A key nuance: “active addresses” can mean slightly different things depending on the data provider and the specific indicator. Even so, the broader takeaway is consistent across multiple dashboards: participation has cooled.
For example, Glassnode’s “Active Addresses” chart lists a latest reading of 535,942 active addresses (as of Feb. 22, 2026). That’s a very different absolute number than the CryptoQuant figure referenced by ForkLog—likely because the underlying definitions differ—but both point to the same general direction: activity is subdued, and it’s not a one-week blip.
What “low Bitcoin activity” looks like in practice
When on-chain activity fades, it usually shows up in three places:
1) Fewer active participants
At a simple level, fewer addresses are sending/receiving on-chain. Glassnode defines active addresses as unique addresses active in successful transactions as sender or receiver.
2) Fewer (or slower) transactions
Glassnode’s Bitcoin transaction count chart shows a latest value of 529,331 transactions (as of Feb. 22, 2026). In quiet periods, transaction counts can drift lower and become less “spiky,” often reflecting reduced urgency to move coins around.
3) Cheaper blockspace (lower fees, emptier mempool)
When demand for blockspace drops, fees tend to compress. Mempool.space’s fee panel (as displayed on its site snippet) shows conditions consistent with low congestion—e.g., “Low Priority” at 1 sat/vB and “High Priority” around 2 sat/vBat the time captured.
Low fees aren’t “bad” for users—sending BTC gets cheaper—but it can signal that fewer people are rushing to settle on-chain.
Why would Bitcoin activity fall for months?
There isn’t one single culprit. It’s usually a mix of market psychology and how people choose to move value.
1) Price drawdown and risk-off behavior
ForkLog notes Bitcoin was trading around $66,300 at publication time and had dropped intraday to $64,435. When markets are falling, users often freeze: fewer new entrants, fewer speculative moves, fewer “let me shuffle funds around” decisions.
2) Macro shocks and “wait-and-see” mode
ForkLog ties the same-day price drop to macro headlines—risk sentiment cooling from unrest in Mexico, weak US housing data, higher global tariffs, and expectations of tighter policy from the Bank of Japan.
Whether you agree with every attribution or not, the pattern is familiar: macro uncertainty tends to reduce trading appetite, and reduced appetite often reduces on-chain churn.
3) Institutions stepping back (Coinbase premium + ETF flows)
ForkLog also highlights that the Coinbase Premium remained negative (a signal many traders interpret as weak US spot demand). It adds that since early February, nearly $1B had reportedly flowed out of exchange-traded funds (citing SoSoValue) and that dynamics did not confirm a clean bottom.
In plain terms: if big buyers aren’t pressing “buy,” the network can feel quieter.
4) Activity shifts off-chain (not always bearish)
Even when Bitcoin is healthy, not every “Bitcoin economic event” shows up as an on-chain transaction:
- Exchanges net internal transfers
- Market makers settle off-chain
- Payment apps batch transactions
- Some flows move onto L2 rails and only settle periodically
A quiet base layer can sometimes mean efficiency, not collapse. The trick is distinguishing “efficient settlement” from “nobody cares right now.”
What low activity means for fees, miners, and narratives
Fees: great for users, less exciting for miners
Low demand for blockspace generally means lower transaction fees (again, see the low sat/vB levels shown by mempool.space).
For everyday users, that’s a win: cheaper sends, easier UTXO consolidation, lower friction.
For miners, fees are part of revenue. Lower fees can squeeze miner economics—especially if BTC price is also down—although miners are still primarily supported by the block subsidy.
“Is this bad for Bitcoin?”
A quieter chain is not automatically a security threat. Bitcoin’s security model is about hashrate and incentives, not the number of daily tweets about “on-chain activity.” But activity does matter as a sentiment and adoption indicator—especially when the slowdown is persistent.
Does low activity predict price weakness?
ForkLog’s CryptoQuant citation points to a historical rhyme: the analyst says a similar move happened in 2024, and Bitcoin saw a roughly 30% correction from peak.
That’s a useful reference point—but it’s not a law of physics. On-chain activity can lag price, lead price, or simply reflect that participants are exhausted and waiting.
Here’s a more grounded way to think about it:
- If activity is low because people are capitulating and leaving, price can struggle until new demand arrives.
- If activity is low because sellers are exhausted, it can actually be consistent with a bottoming process.
- If activity is low because users migrated to other rails, price may detach from the “activity narrative” entirely.
That’s why watching one metric in isolation is risky.
What to watch next
If you want to track whether this is “healthy quiet” or “demand problem,” focus on confirmations:
- Active addresses trend
Are readings stabilizing or continuing to bleed? (Glassnode updates daily.) - Transaction count and fee pressure
Do transactions and fees pick up during rallies—or stay muted even when price bounces? - Signs of spot demand returning
ForkLog’s piece emphasizes watching signals like the Coinbase premium turning sustainably positive. - ETF flow regime
If outflows slow or reverse, it can coincide with renewed risk appetite and higher settlement activity.
Bottom line
Bitcoin’s on-chain activity has been trending down for six months, according to CryptoQuant as cited by ForkLog, and multiple indicators suggest the network is in a quieter-than-usual phase. Lower fees and subdued participation can reflect weak demand—but they can also reflect consolidation, efficiency, and a market catching its breath after a drawdown.
In 2026, the most useful question isn’t “Is activity low?” It’s: does activity start rising when price tries to recover? If it does, that’s the kind of confirmation bulls look for. If it doesn’t, the market may be telling you that it’s still early in the reset.