The number of active addresses on the Bitcoin network has decreased to nearly 600,000 — a level last seen in 2019, when the crypto market was experiencing a bearish trend. There could be several reasons for these changes, experts at Bitcoin Magazine suggested. Bitcoin user activity has been declining for several years — despite the fact that the first cryptocurrency has become more accessible through regulated investment products, in particular, Bitcoin exchange-traded funds (ETFs), analysts noted. Thanks to the emergence of BTC ETFs, large stock market investors gained indirect access to cryptocurrencies without needing to buy directly on a crypto exchange, which reduced demand for direct transactions on the blockchain, the magazine's experts explained. At the same time, Bitcoin is facing increasing competition from other layer-one networks: Ethereum, Solana, Tron. These networks conduct payments and settlements with stablecoins, while Bitcoin continues to be used primarily as a store of value.