Bitcoin is nearing its all-time high, but network activity indicates minimal interactions, potentially impacting future price movements.
Active addresses on Bitcoin's blockchain have not recovered significantly post a drop in March-April, signaling low retail interaction.
The low network activity index, stagnant BTC mempool, and past correlations between network activity and price movements raise concerns.
However, the recent rally may not rely on retail investors, as institutions play a key role, suggesting a shift in driving forces for BTC price movements.