Macro Tensions Test Bitcoin’s On-Chain Strength

Bitcoin On-Chain Activity Report, October 2025

Trade tensions between China and the U.S. keep escalating. We’re now deep into a tit-for-tat cycle of tariffs and retaliations, and markets are starting to take it seriously.

The result is a clear risk-off shift across assets. Both U.S. equities and Bitcoin are feeling the pressure, as sentiment (not fundamentals) takes the driver’s seat.

Yet, despite the turbulence, Bitcoin’s on-chain activity has held up remarkably well. Participation is still growing, and the underlying momentum remains bullish.

The question now is whether that strength can withstand a prolonged period of macro uncertainty, or if sentiment will eventually overwhelm the fundamentals.

Let’s dig into the data.

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Macro Tensions Test Bitcoin’s On-Chain Strength

The Takeaway

Bitcoin’s on-chain activity remains strong despite the latest risk-off wave triggered by escalating U.S.–China trade tensions.