Bitcoin’s price surge not reflected by on-chain activity

While Bitcoin’s price saw a substantial increase in the past two weeks, there was a simultaneous decrease in the creation of new addresses and the transaction count on the network.

Between Oct. 15 and Oct. 27, Bitcoin’s price surged from $27,140 to $34,160. Historically, such price upticks are accompanied by heightened network activity, as an influx of users engages with the network, either by generating new addresses or initiating transactions. However, in this period, the 30-day Simple Moving Average (SMA) of new addresses and transaction count declined.