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On-chain data shows the Bitcoin adoption rate has slowed to the lowest since July 2018. Here’s what could be behind this trend.
Bitcoin New Addresses Count Has Plunged To Multi-Year Lows
According to data from the market intelligence platform IntoTheBlock, an interesting trend has appeared in the Bitcoin New Addresses metric. The “New Addresses” indicator keeps track of the total number of new addresses created on the BTC network every day.
When this metric has a high value, it suggests many new addresses are currently popping up on the blockchain. Such a trend could indicate that new investors are entering the cryptocurrency.
However, this isn’t the only reason why the metric would register an increase, as old investors who had exited earlier could also contribute to the indicator’s value when they return. Holders making multiple wallets for privacy purposes would also naturally influence the metric.
In general, though, all of these are happening at once to some

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