Bitcoin Active Addresses Hit 7-Year Low as Price Holds Near $64,000

Bitcoin's 60-day moving average of active addresses fell to roughly 600,000 on June 4, the lowest level in over seven years, while the price traded around $63,950, down 26% year-to-date. The decline in on-chain activity, which began after the 2021 peak with daily addresses dropping 44% to about 624,000, stems from spot Bitcoin ETF adoption and stablecoin flows migrating to other chains. Earlier institutional accumulation reached 18.5% of supply, yet rising exchange reserves on Binance and a $3.87 billion stablecoin liquidity drop pressured prices below $71,000, triggering $1.72 billion in liquidations.