It's really not clear if this is only the basis we will look since not decrease on Bitcoin users' addresses could always decrease in price too or people are intended to selling their Bitcoin, +1 to @BitMaxz, they could intend to hodl their Bitcoin instead of spending it.
And in addition, people are also afraid to buy these days.

address counting is meaningless

whenever fee's are low. people like to move their coins spread across many addresses into a more single pot of funds in 1 address.

EG
april 2021 had highest address count(>1m)...... and highest fee's(>0.001)
as the fees went down the address count went down
june 2021 addresses (<600k) fees (<0.00017)

I don't see this as an alarm, much less a serious alarm. And the reference is just a year ago. There is nothing special about it. Also, the price of Bitcoin is not really declining. There is a decrease in the past days but it is not even an alarming decrease. There is in fact a price increase in the past months.

If the investors are that too much in a hurry for Bitcoin to set another new price record, then they should just leave the Bitcoin market. They must not have been properly informed of the kind of market they are getting into.

Most Bitcoin activity happens on exchanges and not from Bitcoin address to Bitcoin address. Most people are hoarding their coins in cold storage now, because the price recovery is still in motion. 

We will start to be concerned when the volume of transactions on the Exchanges goes down, because that is the true indication that something is wrong.

If Bitcoin was used more as a currency globally, then transfers from one address to the next, would be concerning, but unfortunately... Bitcoin is used more as a "Commodity". 

How to display active bitcoin address correctly?  The decrease in trading volume was clearly due to FuD and they moved into the hoard, hold phase.  This does not mean bitcoin is on the decline, it has extended a bullish structure for almost a month so far.  Even more optimistic when above $50k i guess.  Relying on addresses is completely baseless.

We're in the middle of a bull run. More people are HODLing, why would they spend now?
Lightning Network gained popularity. Off-chain transactions are not counted.
Counting the "active" addresses is more and more an useless and inaccurate indicator; of course, it's good for a bit of FUD 

Some investors believe that Beluga has started to hold Bitcoin in multiple addresses. The change in the number of bitcoin addresses may not fully represent the number of investors entering or delisting the market, which may also mean that "white whales" are investing in other more volatile digital assets.

That's what I was thinking too, they are hodling that's why there's not a lot of activity in their wallets thus reduction in the active addresses. I am not so sure about being afraid buying though, they're probably just waiting for the right price or having enough money to buy.

He is right, he didn't say the number of active users, but the number of active addresses, and that is going down. The number of users might even go up at this point, nobody knows, but it's clear overall usage is going down, can you remember how long ago was it when we last had 1sat transactions getting confirmed during the normal weekdays?
Look at the number of transactions also, we're back to 2018 numbers.

Slowly bitcoin turns into gold, when gold coins were too precious to buy stuff with it and we're far more often buried in a pot in the garden.


You're making a mistake, you're comparing things rather than comparing the evolution of the given statistics.
The same people you think we're using 10 addresses or 1 or a million were doing the same 6 months ago, 3 years ago and they will probably do this in the future also. The fact is that the number of those used addresses is going down, so it's clear a portion of that user base is shrinking.


When a 5 sat/b could have got you into the next block for like 90% of the time during the last month, I doubt it's because of the fees.