This week, Bitcoin reclaimed the $94,000 region, but the party may be lacking one key ingredient: real users. The cryptocurrency network has been described as “like a ghost town” even amidst this record price increase, according to a crypto expert.
Bitcoin Surges In Price—Yet Network Remains Eerily Quiet
A recent report by CryptoQuant analyst Maartunn highlights a stark disconnect between Bitcoin’s soaring price and its underlying network activity. “The Bitcoin network is a ghost town,” explained the analyst, correlating on-chain data with the coin’s current price.
Utilizing a 365-day moving average, the analysis tracks network activity dating back to 2015. Historically, price and activity rose and fell in tandem; however, from early 2025 onwards, a disassociation occurred. While the price of Bitcoin continued to ascend, network activity slowed significantly, showing more downward trends than usual.
The Bitcoin Network is a ghost-town
This pump is driven by:
– ETF Flows
– Open InterestThere is hardly any new visible on-chain demand. https://t.co/ceFuk9Wtnq pic.twitter.com/DmoXbxhxXx
— Maartunn (@JA_Maartun) April 24, 2025
ETF Money Flooding In As Price Rises
The surge in Bitcoin’s price appears primarily driven by institutional capital. Data from Farside reports indicates that Bitcoin ETFs experienced a remarkable inflow beginning April 17. By April 21, investments reached $381 million and jumped to $917 million by April 23, evidencing strong buying activity.
This pattern coincided with Bitcoin’s rise beyond $94,000 on April 23. Since their inception, US Bitcoin ETFs have attracted nearly $38 billion in net inflows, underscoring the significant influence of larger market players.
On-Chain Data Indicates Decreasing User Activity
Despite the price rally, user activity within the network appears to be declining. Recent data revealed a 0.90% decrease in network activity over the past week, and active addresses fell by 1.50% in the same timeframe.
Moreover, the number of zero-balance addresses decreased by 12.50%, suggesting that more wallets are being left empty. These statistics paint a picture of a market rally spurred by external forces, rather than typical user engagement with the core network.
Trump Meme Coin Briefly Steals The Spotlight
In an unexpected twist, some attention shifted away from Bitcoin after a statement from the Trump team announced that holders of the largest amounts of the TRUMP meme coin would be invited to dinner with the President. This announcement triggered a flurry of buying activity for the meme coin.
As excitement about the TRUMP coin subsided, so too did interest in Bitcoin and other leading cryptocurrencies. Some analysts noted that this trend highlights a lack of buying pressure in the market, which struggles to sustain multiple simultaneous trends.
Featured image from Gemini Imagen, chart from TradingView
