The lack of retail participation is suspected of dropping Bitcoin wallet activities as celebrity memecoins attract speculators away from more established cryptocurrencies.
The ratio of active Bitcoin addresses has plummeted to its lowest level since November 2010, according to onchain data from IntoTheBlock.
In June, the weekly active wallet ratio dropped to a low of 1.22% while peaking at 1.32%. The month’s highest ratio was last seen in November 2010.
Additionally, the total number of active wallets has reached multi-year lows. The week of May 27 recorded 614,770 active wallets, the lowest figure since December 2018.