Number of New Bitcoin Wallets Sink to 2018 Lows

As the excitement around spot Bitcoin ETFs continues to wane, the number of new addresses joining the Bitcoin wallet is sinking to levels last seen in 2018.

Bitcoin projects and developments in the Bitcoin ecosystem such as Ordinals, and the upcoming halving had driven the average weekly number of new Bitcoin addresses to approach high levels, beating all-time highs of December 2017.

The Block’s reports that only an average of 275,000 addresses were added to the Bitcoin network each day in the past week, compared to 625,000 six months ago.

Miner revenue, transaction fees and other related metrics are also down.

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