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Bitcoin this week reclaimed the $94,000 region, but the party may be lacking one key ingredient: real users. The cryptocurrency network is “like a ghost town” even with the record price increase, a crypto expert said.
Bitcoin Surges In Price—Yet Network Remains Eerily Quiet
A recent report by CryptoQuant analyst Maartunn shows a dramatic disconnect between Bitcoin’s rocketing price and its underlying network activity. “The Bitcoin network is a ghost town,” the analyst explained when comparing on-chain data to the coin’s current price.
The study employs a 365-day moving average to record network activity from 2015. As years went by, activity and price followed one another. Around early 2025, though, they went different ways. Prices for bitcoin continued to rise even as growth in network activity dwindled and displayed more decreases than in the past.
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 true driving force behind Bitcoin’s surge seems to be institutional capital. According to Farside reports, Bitcoin ETFs witnessed a dramatic surge in money inflow from April 17. By April 21, investors had invested $381 million, and by April 23, it increased to $917 million as buying was still going on.
This timing fits hand in glove with Bitcoin’s rise above $94,000 on April 23. The US Bitcoin ETFs have since inception raked in a whopping nearly $38 billion in net inflows, indicating how much big players in the financial market are transforming it.
On-Chain Data Indicates Decreasing User Activity
Meanwhile, the statistics paint a clear picture of who is not behind the price: common users. Latest data indicates network activity decreased by 0.90% last week. The number of active addresses fell by 1.50% in that particular timeframe.
Even more indicative, zero-balance addresses fell 12.50%, implying further wallets are remaining empty. Those figures create the image of a rally driven by forces beyond regular usage of the core network.
Trump Meme Coin Briefly Steals The Spotlight
In a surprise turn of events, some of the focus moved away from Bitcoin when US President Donald Trump’s staff released a statement saying that the holders of the largest amounts of the TRUMP meme coin would be invited to have dinner with the President. This created a rush to buy the meme coin.
As interest in the TRUMP coin fizzled out, so too did interest in Bitcoin and other top cryptocurrencies. Some analysts noticed that this trend indicates the market still lacks sufficient buying pressure to have multiple hot trends simultaneously.
Featured image from Gemini Imagen, chart from TradingView
They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!
So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
