Bitcoin's network activity has declined to its lowest level in a year, with active addresses dropping to approximately 660,000 as of December 2025. This decrease follows a surge in 2024 driven by the Ordinals and Runes protocols. The current downturn is attributed to stagnant price movements, diminishing protocol enthusiasm, macroeconomic uncertainties, and a transition to Layer-2 solutions like the Lightning Network. Despite reduced retail interest, there is speculation that long-term holders or institutions might be accumulating Bitcoin. Additionally, traders are advised to monitor altcoins for potential capital shifts.