Despite the market downturn, the number of new addresses on the Bitcoin network has reached a two-month high, with the seven-day moving average (7DMA) recording over 317,000 new addresses on Friday, July 5. This increase is particularly noteworthy given that BTC's price has fallen by over 10% during the same period.

To put this in perspective, the beginning of last week saw the 7DMA at just 263,000 new addresses. This marks a substantial 20% week-on-week increase.

So, what does this mean for the Bitcoin network?

One might assume that an increase in the number of new addresses in a network would lead to increased activity, right? Well, not necessarily.

The seven-day moving average of the average transaction fee on Bitcoin reached lows of just $1.75. Meanwhile, Ethereum's seven-day …