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Bitcoin’s Participation Is Weaker Than It Appears

Bitcoin On-Chain Activity Report, February 2026

Ecoinometrics

Feb 25

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There is still no real sign of stabilization in this Bitcoin bear market.

Over the past few weeks we’ve looked at the environment from multiple angles from ETF flows, to price momentum, to macro risk appetite and internal market structure. Every time we come back to the same conclusion: the conditions that usually precede a durable bottom simply aren’t there.

Today we turn to on-chain activity. And here’s where things get interesting.

At first glance, activity doesn’t look nearly as bearish as price. In previous cycles, once a top was in, participation collapsed quickly. This time the slowdown looks uneven, even stubborn.

That raises a fair question: is the market more resilient than it appears?

The short answer is no. But to understand why, we need to look at what has changed in the structure of this cycle.

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