Six months ago, excitement around spot Bitcoin ETFs, developments in the Bitcoin ecosystem such as Ordinals, and the upcoming halving drove the average weekly number of new Bitcoin addresses to approach its highest levels since its all-time high value in December 2017. 

Yet six months on, just like in early 2018, the number of new addresses joining the network has cratered as the fervor around new Bitcoin projects dies down. 

According to The Block's data, only an average of 275,000 addresses were added to the Bitcoin network each day in the past week, compared to 625,000 six months ago. 

Other related metrics were down as well including, critically, miner revenue as measured by hash rate, which has also fallen to record lows. Transaction fees on the network are also …