Bitcoin addresses take an extreme nose dive

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Quick Take

• Even though Bitcoin is seeing record transaction counts due to the rise of BRC-20 tokens, addresses show a negative correlation.
• Currently, active and new addresses are approaching the 365-DMA, which shows participants coming into the network and have been for the better part of the last six months as we have been above the 365 DMA.
• New addresses are defined by the number of unique addresses that appeared for the first time in a transaction of the native coin in the network.
• While active addresses are defined as the number of unique addresses that were active in the network, either as a sender or receiver, only addresses that were active in successful transactions are counted.
• Active addresses are currently at 856,000, as low as October 2021, while new addresses are roughly 408,000 lowest recorded number year to date.