比特币网络活动刚刚触及 8 年来的最低点——华尔街是否取代了市场上的零售？

Bitcoin's network just recorded its lowest activity in eight years, and the price has barely flinched. CryptoQuant flagged that active BTC addresses hit their lowest level since 2016 on Apr. 8. At the same time, Glassnode's latest 24-hour reading puts active addresses at 661,313, a number that, set against a price near $78,000, produces one of the more uncomfortable charts in recent crypto history. The reading that quiet networks are quiet markets misses what has changed structurally. A growing share of Bitcoin exposure now trades without leaving any footprint on the base layer. BlackRock's IBIT delivers Bitcoin exposure through exchange -traded shares, and CME's Bitcoin futures settle in cash. A fund manager rotating into Bitcoin through either vehicle never touches a wallet, never opens an address, never appears in Glassnode's address count. Price discovery increasingly happens in ETF order books and futures markets. The chart mismatch is partly due to sentiment and partly to Bitcoin acquiring a second market structure on top of its original one. Related Reading The Bitcoin network is currently a ghost town as price is being controlled elsewhere Fees, mempool pressure, and on-chain demand are telling a different story beneath the price recovery. Apr 9, 2026 · Liam 'Akiba' Wright The participation picture What the on-chain data does confirm is that broad retail engagement has faded. Glassnode's Accumulation Trend Score sits at 0 , which the firm defines as distribution or non-accumulation. Its own research from Apr. 1 described demand as remaining well below the levels typically seen at durable lows. By Apr. 8, the language had tightened further to subdued , low-conviction, weak spot activity, and thinner derivatives participation. That is the vocabulary of a cautious, low-conviction market. Glassnode puts illiquid BTC supply at 13.45 million coins as of Apr. 16 , a large share of the circulating supply held by hands that show little inclination to sell. High illiq