Number of New Bitcoin Addresses Falls to Lowest Level Since 2018

The rate of new Bitcoin address registrations on the network has dropped to its lowest point since 2018.

The launch of ETFs on the American market and the release of the Ordinals protocol caused a surge in transaction activity, but the recent decline in Bitcoin’s value and the withdrawal of capital from the spot ETF market have led to a decrease in user interest in the BTC blockchain.

According to The Block portal, the number of new addresses registered per day is now at a six-year low, with an average of 275,000 compared to over 625,000 at the start of 2024. Analysts also note a decrease in miner activity, likely due to the low profitability of BTC mining.

In April, the miner’s reward for a block was halved from 6.25 BTC to 3.125 BTC.