Active-address data compiled by Alphractal founder Joao Wedson shows Bitcoin and Cardano losing on-chain activity while Ethereum and Tron gain ground. Bitcoin's decline coincides with rising ETF inflows and Lightning Network use rather than falling demand, while Tron's surge tracks stablecoin payments rather than speculation.
Bitcoin's active-address count has dropped significantly compared with previous major cycles, even as its price holds far above historical levels, according to Alphractal founder Joao Wedson. The divergence is one of four different stories now playing out across major blockchains, as Ethereum, Tron, and Cardano post starkly different address trends.
Bitcoin Investors Hold Longer, Use ETFs More
Wedson's research points to a change in investor behavior rather than a drop in demand. Bitcoin holders now tend to hold for longer and move coins less frequently, while more activity happens through ETFs, custodians, exchanges, and the Lightning Network.
US spot Bitcoin ETFs have pulled in $3.31 billion in inflows so far in August, underscoring the shift toward financial products instead of on-chain transfers. Wedson said the trend may reflect Bitcoin's growing role as a reserve asset rather than reduced usage.
Ethereum Nears 1 Million Active Addresses
Ethereum's network activity has begun accelerating again, with active addresses approaching 1 million, even though a significant share of the ecosystem runs on Layer 2 networks. The trend signals that Ethereum remains highly relevant as financial infrastructure.
Tron Leads on Payments and Stablecoins
Tron recorded more than 4 million active addresses, the strongest figure among the four networks, according to Wedson. He said much of that activity comes from payments and stablecoins, particularly USDT, rather than speculation around TRX's price — making Tron a major infrastructure layer for transferring digital dollars.
Cardano's Activity Stays Near Historic Lows
Cardano tells the opposite story. Its on-chain activity has fallen sharply since 2021 and remains at very low levels compared with its own history. Wedson noted that price can rise on narratives, liquidity, and speculation, while on-chain activity offers a clearer signal of whether a blockchain is actually being used.
Source: CryptoPotato
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