• The seven-day moving average of new Bitcoin addresses has hit its lowest point since 2018.

  • The average number of new addresses added daily has dropped to 275,000 from 625,000 six months ago, according to The Block.

  • This decline comes after a period of significant growth spurred by excitement around spot Bitcoin ETFs, developments in the Bitcoin ecosystem like Ordinals, and the anticipation of the upcoming halving.

  • As a result, the average weekly number of new Bitcoin addresses soared, nearing levels not seen since December 2017. However, the excitement has waned, mirroring the trend seen in early 2018.

  • Despite this downturn, novel protocols on the Bitcoin network like layer-2 solutions are attracting significant interest from venture capital firms.

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