Address Activity

Active addresses are the closest thing to a daily-users metric that a public ledger offers — every address that sent or received that day. It's a network-usage pulse independent of price.

Divergences are the signal: usage holding firm through a price crash (2019, 2023) has marked durable bottoms, while price rallying on flat activity is the on-chain version of low-volume rallies. Caveats: one entity can control thousands of addresses, and exchange batching distorts levels — trends matter, absolutes don't.