Bitcoin's on-chain activity is in bear market territory, with recent network utilization suggesting that almost all market participants have been shaken out. Demand for block space is low, and network user growth is lackluster. However, beneath the surface, the market is experiencing some very intriguing divergences. Despite being the worst performing month in history so far this year, and now the worst price performance since 2011, a strong hoarding mentality persists.
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1June 17, 2026 3.3K
