While Bitcoin’s price saw a substantial increase in the past two weeks, there was a simultaneous decrease in the creation of new addresses and the transaction count on the network.
Between Oct. 15 and Oct. 27, Bitcoin’s price surged from $27,140 to $34,160. Historically, such price upticks are accompanied by heightened network activity, as an influx of users engages with the network, either by generating new addresses or initiating transactions. However, in this period, the 30-day Simple Moving Average (SMA) of new addresses and transaction count declined.
Graph showing the 30-day SMA (red) and 365-day SMA (blue) of new addresses on the Bitcoin network from Jul. 30 to Oct. 26, 2023 (Source: Glassnode)
Specifically, the 30-day SMA of new addresses dropped from 457,371 to 415,336, and both metrics saw their 30-day SMA fall below their respective 365-day Daily Moving Average (DMA), persisting in that state.
Graph showing the 30-day SMA (red) and 365-day SMA (blue) of the transaction c
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