I think the drop is normal because since 2023, with hypes from Ordinals last year and Runes this year, many new Bitcoin addresses were created by BRC20 token enthusiasts and when they stopped or reduced their greediness, they will less create new addresses.

Hypes from Ordinals, Runes also cause very expensive transaction fees that restrict normal users to make on chain transactions and they less likely create new wallets, addresses recent months.

When I look more careful at the title, it does not only in 2022 or 2023 but lowest level since 2018, it is a little bit strange and I can not explain it.

The spike in December 2017 likely is from Segwit addresses and another rising wave for Segwit adoption and even Taproot in 2021.

The editor of the article is confused about what a wallet is. While the article states that the rate of new addresses in the blockchain is down, the title says new "wallets", which is a mistake.

The terms wallet and address are commonly misunderstood by newbies, but this lack of understanding is not something that you would expect from a crypto media site. It's an example of the poor quality reporting at many of these sites.

The bear market may have played a role in the decline of bitcoin wallets. Naturally, the fact that bitcoin is becoming less expensive may deter prospective investors from purchasing the cryptocurrency. Furthermore, the second reason is that, unlike last year when the events in the originals and ETF spots in bitcoin were approaching, the hype has subsided. Yes, the hype is really intense.

Then, after everything was over, the excitement and anticipation subsided, correct? And since 2018, there has been a noticeable trend in the decline in the quantity of new bitcoin wallets created. Though, in my opinion alone, it's too soon to determine with certainty what this signifies for bitcoin's future.

u are actually correct about that, the author just used his title  Number of new Bitcoin wallets drops to lowest level since 2018 as a click bait to get others into reading his article. It's was so obvious because In the article he clearly used the word Bitcoin address correctly so it wasn't a mistake or poor article like @odolvlobo stated.

 
I don't think such addresses would be counted because on reading through the article, the author clearly stated that his statistics were gotten from The Block's data.
And it had a description which said So if that's correct, he used data from address that appeared on the Blockchain during the period he had stated. Of cause, such addresses would have to perform some transactions for them to be recorded on the blockchain. So no, your address would not be counted if it was never used.

I honestly don't think that a recent low number of new addresses is of concern really. People are looking at the price who have never invested in crypto before and they are star struck. The new price is a little intimidating, probably new folks are afraid that they will buy in at the top and then the market will suddenly crash and they will be down, although I don't know this for sure. Its definitely one opinion, but lets hope that the up trend continues. If what they say is true we are still sooooo early to Bitcoin even now with the same amount of users now as the internet in like the 90s or something like that.

A little confusing when I read this theblock article because the contents conveyed everything that experienced a decline while the title was about a new wallet.
Maybe Zack Abrams as the author of the article is trying to convey related to the latest conditions regarding the decline in Bitcoin prices after Halving, ETF and other events, but he is confused in choosing the right title.

Imo, the decline that I understand after reading the whole article is something that is still at a normal stage.
If in the article it is stated that the miners' income also drops, then according to the data I get from the planb, the income of the Bitcoin miners recovering 2-5 months after Halving.

Regarding the declined Bitcoin price, early May is traded at the price of $57K and now May 20, Bitcoin is traded at $67K. Means that between $57K to $67K there is an increase of up to $10K.
Correction if I am in this case.

Typically the author writes the article but an editor writes the headline.

This makes sense as Bitcoin is mostly used as an investment now, and thus individuals don't actually hold Bitcoin in the technical sense, they merely hold an entry in some broker's database saying they do.

This is what Gary Gensler meant when he recently said that Bitcoin is, for most users of it these days, not decentralized. It's just another investment instrument.

What we're learning here is that Bitcoin is popular because most people like meme investments, not because of the hype around it being "decentralized".

Who exactly is bearish?? lol

I think the only people who would be bearish on Bitcoin right now are people who don't know anything about Bitcoin. Every one who is actually into Bitcoin is very bullish because we all expect a doubling in value in the next 12 months or so.

I guess the part where you're interchanging Bitcoin wallet address to meaning same thing as Bitcoin wallet goes to show the lack of basic knowledge on the part of the blog that did this analysis and his inability to getting fact straight before concluding on such analysis. But that being said, if we're considering the possible reasons behind a possible reduction in the numbers of new persons that are joining the Bitcoin network and creating new Bitcoin address after the development of the Bitcoin spot ETF and and the the whole halving event, it's either one of the following reasons.

1. Most newbies that are joining the Bitcoin ecosystem in general are mostly driven into the system by hypes mostly from those that are already in the system and I guess that's why we had a lot of new persons that even joined the forum as the halving approaches because they would normally want to benefit from the whole post halving bull and I guess that is what also played out during the development of the Bitcoin spot ETF.

2. Others might just be investing into different meme coin hoping that the much anticipated bull will affect the price of meme coin drastically. Like in my region, what's now trending is airdrops and a lot of new folks that have little knowledge on crypto are delving all in because they are mostly in search of quick gains.


it's not as though Bitcoin address is what you create everyday right? If the analysis is true that prio to the Bitcoin spot ETF, lots of address where created and that in anticipation of the halving, it also helped increase the number of people that are joining the network, it only goes to show that most of those joining the network are short termed driven folks that only come in when they see a potential profit and reducing there actively when there willed expectations doesn't come through in the shortest possible time.

It's not even about the numbers of new address that we have in the system that determines if Bitcoin is on the bullish side of not, new Bitcoin members reality don't even have that good chunk of holding in Thier wallet and so regardless of thier numbers, it's not a serious factor that plays any big role in determining how bullish ot how bearish Bitcoin is .