Six months ago, a surge of enthusiasm surrounding spot Bitcoin ETFs, developments in the Bitcoin ecosystem like Ordinals, and the impending halving event propelled the average weekly number of new Bitcoin addresses close to its peak levels since the historic high value in December 2017.
However, six months later, reminiscent of early 2018, the influx of new addresses into the network has sharply declined as the excitement around new Bitcoin projects wanes. According to data from The Block, the average number of new addresses added to the Bitcoin network each day in the past week dropped to just 275,000, compared to 625,000 six months ago.
Related metrics have also witnessed declines, notably miner revenue as indicated by hash rate, which has plummeted to record lows. Transaction fees on the network have also decreased, alongside on-chain volume metrics.
Despite the current downturn in on-chain metrics, innovative protocols on the Bitcoin network are attracting significant interest from Venture Capital firms, as reported by The Block. This trend could potentially set the stage for a resurgence in the future.