Surprising Change in Bitcoin: The Bottom Has Been Reached in the Last 6 Years!

The rate of newly created Bitcoin wallets has changed surprisingly.

According to on-chain data transmitted by The Block, the number of newly created Bitcoin wallets has fallen to its lowest level since 2018.

Six months ago, in the first days of 2024, there was great interest in the Bitcoin network. Factors such as the upcoming expectation for Spot Bitcoin ETF approval and the Ordinals craze were the leading reasons for this increase. This euphoria led to the number of new wallets being produced approaching an all-time high in December 2017.

While 625,000 addresses were added to the Bitcoin network six months ago, only 275,000 addresses were added daily last week. Parallel to this decline in the number of wallets, there was a noticeable decline in transaction fees and volumes paid.

The decreasing transaction fee, along with the halved reward rate, also had a negative impact on Bitcoin miners. It has been among the recent discussions that many lower-tier mining companies may cease operations.