I think the drop is normal because since 2023, with hypes from Ordinals last year and Runes this year, many new Bitcoin addresses were created by BRC20 token enthusiasts and when they stopped or reduced their greediness, they will less create new addresses.
Hypes from Ordinals, Runes also cause very expensive transaction fees that restrict normal users to make on chain transactions and they less likely create new wallets, addresses recent months.
When I look more careful at the title, it does not only in 2022 or 2023 but lowest level since 2018, it is a little bit strange and I can not explain it.
The spike in December 2017 likely is from Segwit addresses and another rising wave for Segwit adoption and even Taproot in 2021.
Topic: Number of new Bitcoin wallets drops to lowest level since 2018 - page 2. (Read 262 times)
Everyone is beginning to be bearish hehehehe but this article cannot be more bullish, I reckon. New wallets and onchain volume might be down, however, the price of bitcoin has not dumped on our faces. How strong would bitcoin pump again when new investors arrive through the ETF and from retail investors? They will return and new projects created on bitcoin will make this a certainty.
Six months ago, excitement around spot Bitcoin ETFs, developments in the Bitcoin ecosystem such as Ordinals, and the upcoming halving drove the average weekly number of new Bitcoin addresses to approach its highest levels since its all-time high value in December 2017.
Yet six months on, just like in early 2018, the number of new addresses joining the network has cratered as the fervor around new Bitcoin projects dies down.
Other related metrics were down as well including, critically, miner revenue as measured by hash rate, which has also fallen to record lows. Transaction fees on the network are also down, as well as on-chain volume metrics.
Read in full https://www.theblock.co/post/295279/number-of-new-bitcoin-wallets-drops-to-lowest-level-since-2018
Six months ago, excitement around spot Bitcoin ETFs, developments in the Bitcoin ecosystem such as Ordinals, and the upcoming halving drove the average weekly number of new Bitcoin addresses to approach its highest levels since its all-time high value in December 2017.
Yet six months on, just like in early 2018, the number of new addresses joining the network has cratered as the fervor around new Bitcoin projects dies down.
Other related metrics were down as well including, critically, miner revenue as measured by hash rate, which has also fallen to record lows. Transaction fees on the network are also down, as well as on-chain volume metrics.
Read in full https://www.theblock.co/post/295279/number-of-new-bitcoin-wallets-drops-to-lowest-level-since-2018
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