The article discusses the current state of Bitcoin's network activity and its correlation with price action. While the number of unique addresses created per day has been increasing, the historical data shows that spikes in address creation often occur during speculative mania rather than organic growth. The current level of address creation is below previous peaks, indicating that while demand exists, it lacks the same explosive momentum seen in earlier bull cycles. Some argue that institutional demand and the use of ETFs and centralized exchanges may be suppressing direct address creation. The divergence between price appreciation and address creation raises questions about the sustainability of the current rally, and the real test will be whether unique address growth accelerates, confirming broader adoption.



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