Bitcoin Prices Stable, but Network Activity Declines

New data reveals a sharp decline in the creation of new Bitcoin wallets on the network. The average daily number of new addresses has hit a six-year low, with only 275,000 created in the past week. This represents a significant drop from the peak of 625,000 new addresses in 2018.

In 2018, expectations surrounding developments such as Bitcoin exchange-traded funds (ETFs), halving events, and ecosystem growth drove a substantial increase in new wallet creation. That year, the number of new addresses on the network even surpassed the peak in December 2017.

Over the past month, approximately 6 million wallet addresses were added, a far cry from the trend of over 10 million new addresses per month in the previous year, except for May.

Corresponding to this slowdown, Bitcoin miner income on the network has plummeted to historic lows. Currently, miners’ daily average income is below $30 million, compared to an average of over $60 million in the preceding months. Miner monthly average income reflects this trend, dropping from a peak of $2 billion in March 2024 to below $1 billion in May.

Despite Bitcoin’s trading price being far below its historical high of $73,000, it continues to exist. As of the time of reporting, it stands at $67,131, experiencing a slight 0.2% decrease in the last day. Notably, while network activity has slowed, a 36% surge in trading volume indicates sustained investor interest.

Sentiment: Neutral