According to CoinMeta, as of November 1st, the 30-day average number of active Bitcoin addresses was 629,000, which represents a 43% decline from the peak of 1.1 million in December 2024 and is about 10% lower than the annual average of 702,000. During the same period, the 30-day average daily Bitcoin transaction volume was 819,000, a decrease of 5.4% compared to December 2024, but it is still about 5.5% higher than the annual average. The scale of on-chain transactions has not significantly shrunk alongside the reduction in active addresses, and there are no signs of a sustained recovery in network activity yet.