bitcoinhas been stuck between $30,000-31,000 for the past few weeks after hitting yearly highs. The calm cryptocurrency market is disappointing short-term investors who expect moves in either direction. However, on-chain data revealed that BTC adoption is increasing despite the recession.
According to data shared by blockchain analytics firm Glassnode on July 13, the number of new addresses created daily on the network has reached a 3-month high.
Due to the bearish market last year, new entrants to the crypto market have been quite calm. New data shows that new blood is entering the cryptocurrency industry.
Will Miners Smile?
More and more new entrants to the Bitcoin network could be good news for BTC miners struggling with declining profits and rising expenses in 2021. For miners, more addresses means more transactions and revenue.
The recent market stagnation and investors’ holdings of the cryptocurrency have affected miners.
Miner earnings have been on a downward trend since the Ordinals frenzy in May. The sluggish market has resulted in the daily transaction numbers dropping significantly. Although the market moved a bit last weekend, high hashrate rates continue to be a problem for miners.
Bitcoin Flow to Crypto Exchanges!
Although Bitcoin miners receive BTC as a reward, they are already paying their expenses with paper money. Businesses are therefore waiting for the positive mood in the market to sell their cryptocurrencies.
According to on-chain data, miners have been moving more BTC tokens to exchanges for a while now. The on-chain metric revealed that miners are abstaining from Bitcoin price expectation.
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