TL;DR
- The creation of new Bitcoin wallets has fallen to its lowest level in six years.
- Miners income has also decreased significantly.
- BTC price remains stable with a notable increase in trading volume.
In recent weeks, the Bitcoin market has shown mixed signals.
Even though the price of Bitcoin has remained relatively stable, an alarming decline in network activity has been observed.
A particularly worrying fact is the drop in the creation of new wallets.
The daily average of new Bitcoin addresses has dropped to 275,000, a figure not seen for six years in The Block’s real-time metric.
This figure contrasts sharply with the peak reached in 2018, when 625,000 new addresses were created daily, driven by the expectation of Bitcoin exchange-traded funds (ETFs), the halving event and important developments in the ecosystem, such as Ordinals.
In terms of income for Bitcoin miners, a downward trend has also been observed.
Average daily revenue has fallen below $30 million, compared to more than $60 million in previous months.
This decline is also reflected in monthly revenue, which has declined from a peak of $2 billion in March 2024 to less than $1 billion in May.
This data suggests that miners are getting fewer rewards for their work, which could impact long-term network security and stability.
However, the price of BTC has shown remarkable resilience.
Despite being significantly below its all-time high of $73,000, it currently stands at $67,045, with a slight daily decline of 0.05%, according to official data from CoinMarkectCap.
More impressively, it has recorded an increase of 7.23% in the last week.
This price action suggests that, despite the decline in new wallet creation and miner income, investors remain confident in the value of Bitcoin.
Increase in Bitcoin Trading Volume
One of the most interesting aspects of the recent analysis is the increase in Bitcoin trading volume, which is up 36%.
This increase in trading activity indicates that, although there are fewer new users and miners are earning less, current investors are more active than ever.
This phenomenon can be interpreted as a sign that current investors see opportunities in the market, taking advantage of price movements to make beneficial operations.
The increase in trading volume could also be related to the stability of BTC price.
Despite daily fluctuations, the fact that Bitcoin has shown 7.23% growth in the last week suggests that there is strong underlying demand.
Investors could be buying in anticipation of future price increases, or taking advantage to consolidate their positions at prices they consider attractive.
It is important to watch how these factors develop in the coming months.
If the creation of new wallets and miners income continue to decline, there could be long-term implications for the Bitcoin network.
However, current trading activity and investor confidence can provide significant support for the price of Bitcoin, keeping it stable or even driving it higher.
Although the Bitcoin network faces challenges in terms of activity and rewards for miners, the confidence and interest of current investors appears to be providing a positive counterweight.
The current situation of the Bitcoin market is a reminder of its dynamic nature and the constant evolution of the factors that influence its value.
