According to @glassnode, on-chain activity has softened, with active addresses down 2% to 692k and now below the low band (source: @glassnode). Fees fell 17%, pointing to reduced blockspace demand and lower user activity intensity (source: @glassnode). Realized Cap Change slowed to 3.2%, indicating cooler net capital inflows on-chain (source: @glassnode). The share of supply in profit declined from 95% to 91%, while NUPL dropped to 5%, signaling fading profitability and softer risk appetite (source: @glassnode). Overall, these on-chain indicators reflect weaker demand and waning profitability, a backdrop traders monitor for momentum shifts and liquidity conditions (source: @glassnode).