Bitcoin network activity has significantly declined in the creation of new addresses, hitting its lowest point since July 2018.Data from the market intelligence platform IntoTheBlock reveals a 7-day average of only 276,000 new Bitcoin addresses. The low numbers show a significant decline in new investors entering the crypto space, a sharp drop from 625,000 six months ago.addresses is hitting multi-year lows. The 7-day average dropped to 276k last week, a level we haven’t seen since July 2018.
Typically, increased network activity signals rising demand and price stability. However, the current decline suggests investors may be shifting towards derivatives speculation rather than organic use.investors with a traditional investment route into BTC. Potentially, this has diverted interest away from on-chain transactions and contributed to the decline in new addresses.
As a result of these changes and the high transaction fees following excitement surrounding Runes, the seven-day moving average fell below 700,000 for the first time since March 2020. Meanwhile, although fees have stabilized, decreasing from an average of $31.4 on April 23 to $2.97 on May 18, the number of active addresses remains low.
Lower network activity, evidenced by a multi-year low in the 30-day active address count, suggests reduced demand for Bitcoin transactions. This metric, which tracks different addresses participating in transactions over 30 days, has dropped to 12.64 million, a level last seen in February 2019., the global crypto market cap today is $2.53 trillion, a 0.7% plunge in the last 24 hours. Most altcoins, such as Ethereum , BNB, XRP, and Toncoin , have been trading in the red over the past day.
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