New Bitcoin addresses shoot "off the charts" despite price drop

Data indicates that the number of new BTC addresses recently "Shot of the charts."

New Bitcoin addresses explode higher despite BTC price stagnation.

If you've been tracking crypto data over the past week, you've likely noticed a weird trend: the number of new Bitcoin addresses in circulation took a strong spike last week.

The metric seemingly set a new all-time high, with three days last week recording the creation of more than 20,000 new addresses.

1/ New #bitcoin addresses were absolutely off the charts last week.

The backstory is bullish and intriguing - a unique view on a new bull market catalyst.

That's to say, this influx of new addresses could be a long-term sign of strength.

"Bottom line - this news is incredibly bullish, and appears to have fundamental confirmation. I definitely I expect more shakeouts and sideways price action moving forward. But I'm fundamentally bullish on $BTC. And I think hodlers will be grinning by Christmas."

Willy Woo, a prominent on-chain analyst, has echoed that the on-chain fundamentals of Bitcoin remain strong despite tepid price action.

"Fundamental buy pressure from new HODLers is undeniable right now. But for short term traders, sell walling on derivative and spot exchanges shows whales are in price suppression mode. It may whipsaw randomly a bit, but the long game will win."