Summary
TLDR: The number of new Bitcoin addresses has stabilized after a spike, likely due to the popularity of the Ordinals protocol allowing users to store NFTs on Bitcoin, causing network congestion and higher transaction fees.
Key Points
1. The number of new Bitcoin addresses has stabilized and decreased from a spike late last year, potentially due to the Ordinals frenzy.
2. The Ordinals protocol enables users to store NFTs on Bitcoin as inscriptions, leading to a surge in popularity last year that congested the network and increased transaction fees.
3. The cooling off of new Bitcoin addresses may indicate a shift in market trends and user behavior within the cryptocurrency space.