The weekly average number of new addresses on the Bitcoin network has dropped to its lowest level since 2018

PANews reported on May 20 that, according to The Block, the 7-day moving average of new addresses on the Bitcoin network, which was near an all-time high six months ago, has now dropped to its lowest level since 2018. Data shows that over the past week, an average of only 275,000 addresses were added to the Bitcoin network daily, compared to 625,000 six months ago.

Other related metrics have also declined, most notably miner revenue measured by hash rate, which has fallen to a historic low. Transaction fees on the network and on-chain transaction volume metrics have also decreased.