Six months ago, the Bitcoin community was buzzing with excitement over the possible introduction of spot Bitcoin ETFs, developments in the Bitcoin ecosystem such as the introduction of Ordinals and the upcoming halving.
This led to an increase in the average weekly number of new Bitcoin addresses joining the network, approaching levels seen during the peak of Bitcoin's value in December 2017.
However, after six months, as in early 2018, the number of new addresses joining the network has declined dramatically as the hype around Bitcoin startups has died down.
On average, only 275,000 addresses have been added to the network each day in the last week, a significant drop from the 625,000 seen six months ago.
Other related metrics, such as miner revenue measured by hashrate, have also hit record lows.