The average daily number of new Bitcoin wallets fell to its lowest level since 2018 in the past week

The number of new addresses on the Bitcoin network (7-day moving average), which was close to an all-time high six months ago, has now fallen back to its lowest level since 2018. An average of only 275,000 addresses were added to the Bitcoin network each day over the past week, compared to 625,000 six months ago. Other related metrics have also declined, most importantly, miner revenue measured in terms of computing power has also fallen to a record low. Transaction fees on the network have also declined, as well as on-chain transaction volume metrics. (The Block)