One bitcoin (BTC) holder metric is pointing to price growth in the months ahead even as activity on the blockchain falls to its lowest in a year, a CryptoQuant analysis noted this week.

The firm’s Bitcoin Network Activity Index has been down 15% since November 2024’s record high and stands at 3,760 as of Friday morning, its lowest level since February 2024. The index is a cumulative measure of active addresses, number of transactions, block size and fees among other bitcoin metrics to indicate growth or a drop in Bitcoin usage.

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