The number of new addresses on the Bitcoin network hit a two-month high

According to data from The Block, despite the recent market downturn, the number of new addresses on the Bitcoin network has reached a two-month high, with the 7-day moving average (7DMA) recording more than 317,000 new addresses on July 5, compared to just 263,000 new addresses at the beginning of last week, marking a sharp 20% week-on-week increase. At the same time, the seven-day moving average of Bitcoin's average transaction fee fell to a low of $1.75. Analysts said the difference highlights an interesting dynamic within the Bitcoin network, where new participants are joining, but that does not necessarily mean higher transaction fees or increased on-chain activity at the moment.