How is the overall Bitcoin network doing these days? The price has dropped a lot and we are now clearly in bear market territory.
What about the activity on chain? Let’s take a look!
With this said let’s take a look at the Bitcoin network data, and how have these Bitcoin NFTs impacted the network.
We will be looking at:
- Active wallets
- Number of transactions
- Hash rate
- Fees
- Price vs Tx
The data presented here is mostly gathered from the blockchains charts.
Active wallets
How many wallets are active per day on the Bitcoin network?
Here is the chart.
The record high numbers for active Bitcoin wallets per day were reached in September 2023 when the hype around inscriptions happened. There were just above 1M wallets for one day. Previously a long standing record was achieved back from December 2017.
In the last year there was a drop in the number of the active wallets around 500k per day with some spikes in between, but overall holding steady around that number.
When we zoom in 2023 - 2026 we get this:
At first there was a steady number with around 700k active wallets, and then a drop in the summer of 2024.
Since the summer of 2024 there was a small increase in the number of active wallets has been in the range of 500k to 600k per day.
Transactions
The activity on the network is mostly represented by the number of daily transactions.
This is where most of the change in activity is visible on the bitcoin network.
A spike in the number of transactions from under 300k per day to 800k per day in 2024. A new ATH for the number of transactions.
This chart is the most telling about the impact that the Bitcoin NFTs have on the network. There is a lot of volatility since 2024 in terms of transactions depending on the inscription hype. In the second half of 2024 the trend died out and there is less transactions now.
There has been another spike of transactions during October 2025, at the time when there were a lot of price volatility and a big crush in the BTC price. On average around 400k to 500 transactions daily in the last period.
Fees
A bit unpopular topic the fees.
Two visible spikes in the chart starting from 2020 till today.
First back in 2021 during the bull market the fees spiked to 50 USD per transaction in April 2021. Then they dropped to a few dollars per transaction during the bear market in 2022. A recent spike again in 2023 caused by the second layer development on BTC. A peak towards the end of 2023 to a $35 per transaction, still lower than the previous bull market.
In the last period fees have dropped and are at all time low, ona average around 0.5 USD per tx, or in most of the cases a one sat per vB , with occasional spikes.
Note that unlike the smart contract chains like Ethereum and all the others, that have different type of transactions, like transferring ETH, transferring other tokens like USDT, executing smart contract action like Uniswap trade, etc. Bitcoin has only one type of transaction, transferring coins, and from time to time some inscriptions (notes).
Hash Rate
The ultimate Bitcoin value is the network stability and security. The network security in a proof of work chains is measured in hash rate, or how difficult is to mine. The bigger the completion, the higher the hash rate.
Almost constantly going up with few dips here and there.
Although we can notice a clear drop in the last few months. After October 2025 the hash has been dropping and there was a real dip at the end of January and the beginning of February when it dropped from 1000 EH/s to 800 EH/s in few days. But it recovered and we are now above 1000 EH/s again. Will this hold remains to be seen and it will be probably in the correlation with the price.
Hash Rate VS Transactions
When we plot these two together, we get this.
Both parameters have been quite volatile. The transactions are obviously not closely correlated with the price, although at times and in some short intervals they do show correlation. In the last years the transactions have become quite volatile and unstable. In the very last period when the Bitcoin price dropped the transactions have stayed around the similar level at 400k to 500k per day.
At the end the chart for the Bitcoin yearly candles on logarithmic scale:
Three green ones, one red ….. that has been the rule up to the last cycle. Now we have only two greens and then one tiny red one. Some say it is because the Bictoin cycles are not exactly four years, but a bit shorter, like 3years and 9 months, so this cycle is with a red candle in the third year. The good side of this is that we might exit the bear faster as well.
How will 2026 end? It will determine will the cycle brake finally or we are on track with it as it has been up until now.
