Number of new Bitcoin wallets drops to lowest level since 2018

Quick Take

  • The seven-day moving average number of new addresses on the Bitcoin network, which approached its all-time high just six months ago, has fallen to its lowest level since 2018. 

Six months ago, excitement around spot Bitcoin ETFs, developments in the Bitcoin ecosystem such as Ordinals, and the upcoming halving drove the average weekly number of new Bitcoin addresses to approach its highest levels since its all-time high value in December 2017. 

Yet six months on, just like in early 2018, the number of new addresses joining the network has cratered as the fervor around new Bitcoin projects dies down. 

According to The Block's data, only an average of 275,000 addresses were added to the Bitcoin network each day in the past week, compared to 625,000 six months ago. 

Other related metrics were down as well including, critically, miner revenue as measured by hash rate, which has also fallen to record lows. Transaction fees on the network are also down, as well as on-chain volume metrics. 

While on-chain metrics are currently down, novel protocols on the Bitcoin network are attracting record levels of interest from Venture Capital firms, as The Block recently reported, potentially setting the stage for a comeback down the road. 


Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Zack Abrams is a writer and editor based in Brooklyn, New York. Before coming to The Block, he was the Head Writer at Coinage, a Web3 media outlet covering the biggest stories in Web3. The story he co-reported on Do Kwon won a 2022 Best in Business Journalism award from SABEW. Other projects included a deep dive into SBF's defense based on exclusive documents and unveiling the identity of the hacker behind one of 2023's biggest crypto hacks — so far. He can be reached via X @zackdabrams or email, [email protected].

WHO WE ARE

The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

+ Follow us on Google News
Connect with the block on