Ethereum's daily active addresses declined 17% from a July peak of 589,000 to 488,000, while Solana recorded a 30% monthly drop in Q3 2025, according to data from institutional DeFi solutions provider Sentora. The memecoin sector saw sharper contractions, with Pepe's active users falling 85%. The firm characterized the decline as part of a broader six-month altcoin slowdown, with on-chain metrics signaling reduced user engagement across major networks.

Julio Moreno, head of research at CryptoQuant, attributes Bitcoin's recent downward pressure to insufficient demand at elevated price points. The 30-day Apparent Demand metric has turned negative in recent weeks, signaling that buyers are not stepping in to match selling activity from long-term holders. Bitcoin was trading around $103,900 at the time of analysis, down 9% over the previous seven days.

Bitcoin is retesting the 0.85 supply quantile at $109,000, a threshold indicating 85% of circulating supply holds unrealized gains. Holding this level has historically triggered major rallies, while breaching it often leads to declines toward the 0.75 quantile at $98,000, data show. The cryptocurrency briefly dipped below this mark multiple times in recent sessions but recovered each time.

Bitcoin faces a decisive price corridor between $111,000 and $117,000, where concentrated supply clusters define current market dynamics, according to Glassnode data. The lower boundary represents accumulation during recent declines, while the upper level marks purchases near the all-time high. These zones create distinct support and resistance levels that may determine the next major directional move.

Bitcoin is testing a critical support level at $108,500, where 15% of BTC supply sits at a loss, according to Glassnode data. The cryptocurrency has fallen below the short-term holder cost basis of $113,100, a structure that historically signals mid-term bearish phases. Historical patterns indicate that failure to hold the $108,500 threshold could trigger a deeper correction toward $97,500, where 25% of supply would be underwater.