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<p class="is-style-lead">Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) metrics signal mixed sentiments amid the recent spike to $31,000. Notably, while the number of new addresses on the bitcoin network recently surged to a three-month high, a drop in fees to a four-month low might suggest decreasing network activity.</p> 
<p>On-chain data provider Glassnode revealed these metrics in two separate disclosures. According to the blockchain data resource, the number of new addresses on the bitcoin network recently skyrocketed to 20,360.&nbsp;</p> 
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   <p lang="en" dir="ltr">📈 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a> Number of New Addresses (7d MA) just reached a 3-month high of 20,360.107<br><br>View metric:<a href="https://t.co/tDzY9Fl7QL" target="_blank">https://t.co/tDzY9Fl7QL</a> <a href="https://t.co/vu4qIBRUso" target="_blank">pic.twitter.com/vu4qIBRUso</a></p>— glassnode alerts (@glassnodealerts) <a href="https://twitter.com/glassnodealerts/status/1678634034686033923?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 11, 2023</a>
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<p>The last time the network observed such many newly-added addresses over the seven-day moving average was in April. This metric indicates a significant increase in user activity and interest in the world’s leading cryptocurrency.</p> 
<p> You might also like: <a href="https://crypto.news/arkham-is-allegedly-privacy-trafficking-crypto-reporter-claims/"> Arkham is allegedly privacy trafficking, crypto reporter claims </a> </p> 
<p>The number of new addresses serves as a crucial indicator of the growth and adoption of bitcoin. The recent surge in new addresses suggests a renewed interest in the asset, potentially fueled by market developments or investor sentiment.&nbsp;</p> 
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 <img decoding="async" width="1137" height="603" src="https://crypto.news/app/uploads/2023/07/BTC-price-July-11.png" alt="Bitcoin sees 3-month high in new addresses following spike to $31,000 - 1" class="wp-image-14177522">
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  BTC price – July 11 | Source: Trading View
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<p>BTC recently soared past the $31,000 mark after three days of trading below it. The asset had spiked to a one-year high of $31,500 on July 6, triggering bullish projections. However, this rally was short-lived, as BTC eventually closed the day below $30,000.</p> 
<p>The recapture of the $31,000 mark possibly triggered a resurgence of these bullish sentiments. This has compounded the increase in new addresses as market participants look to ride on the projected rally.</p> 
<h2 class="wp-block-heading" id="bitcoin-sees-a-drop-in-fees">Bitcoin sees a drop in fees</h2> 
<p>However, another metric provided by Glassnode reveals a contrasting trend. The total fees paid for BTC transactions, measured over a seven-day moving average, have reached a four-month low of $22,905.</p> 
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   <p lang="en" dir="ltr">📉 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a> Total Fees Paid (7d MA) just reached a 4-month low of $22,905.73<br><br>Previous 4-month low of $22,933.24 was observed on 24 April 2023<br><br>View metric:<a href="https://t.co/651pr49pgN" target="_blank">https://t.co/651pr49pgN</a> <a href="https://t.co/AfEHHov3uP" target="_blank">pic.twitter.com/AfEHHov3uP</a></p>— glassnode alerts (@glassnodealerts) <a href="https://twitter.com/glassnodealerts/status/1678649211003326466?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 11, 2023</a>
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<p>This metric suggests that the cost of conducting transactions on the bitcoin network has decreased significantly. A fee decline could indicate reduced trading activity or a lull in general bitcoin usage. It could show decreased interest or transactional demand for BTC at that particular time.</p> 
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 <div class="wp-block-embed__wrapper"> <iframe loading="lazy" title="What’s Really Happening To Bitcoin… Again" width="1020" height="574" src="https://www.youtube.com/embed/ZVGv5PsgcX4?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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<p>However, a look at the Glassnode chart reveals an opposite correlation between network fees and bitcoin’s price in recent times. Notably, fees skyrocketed to a two-year high in May when BTC faced a steep decline from the high of $29,820 observed on May 6.&nbsp;</p> 
<p>BTC eventually dropped to $25,811 following the two-year high in fees. The surge in network fees could be attributed to increased selling pressure as market participants seek to distribute their tokens amid the mid-May decline in bitcoin’s price.</p> 
<p>Meanwhile, BTC is trading for $30,405, up 0.71% over the last 24 hours. This drop in network fees has coincided with increasing bullish sentiments as the bulls look to seal a position above the $31,000 threshold.</p> 
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Bitcoin sees 3-month high in new addresses following spike to $31,000

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