The number of new addresses on the Bitcoin network has reached a two-month high

According to The Block data, despite the recent market downturn, the number of new addresses on the Bitcoin network has reached its highest level in two months, with the 7-day moving average (7DMA) recording over 317,000 new addresses on July 5, compared to 263,000 at the beginning of last week, marking a significant 20% increase in the week-on-week ratio.
At the same time, the seven-day moving average of Bitcoin's average transaction fee fell to a low of $1.75. Analysts say the discrepancy highlights an interesting dynamic within the Bitcoin network, namely that while new participants are joining, it does not necessarily mean higher transaction fees or increased on-chain activity for now.