According to Glassnode, Bitcoin network activity is slowing as the monthly average of change-adjusted transfer volume declined about 13% from 26.7 billion dollars to 23.2 billion dollars, tracking the pullback in price; source: Glassnode, X post dated Aug 26, 2025. Glassnode notes that a break below the yearly average of 21.6 billion dollars would confirm weakening speculative activity and signal a broader contraction in network activity; source: Glassnode, X post dated Aug 26, 2025.