New Addresses
Count of addresses appearing on-chain for the first time each day. A leading indicator of new user onboarding and network growth momentum.
What is it?
The New Addresses metric counts the number of unique Bitcoin addresses appearing for the first time in an on-chain transaction each day - either as recipient or sender. Each 'new' address potentially represents a new user, a new wallet, or a new entity interacting with the network for the first time. This metric is one of the most direct proxies for Bitcoin network adoption and growth. A sustained upward trend in new addresses suggests a broadening user base, while a decline may mark adoption stagnation or waning interest.
How to read
The daily curve is volatile - use a 7 or 30-day moving average to identify the trend. Sudden spikes in new addresses often coincide with major price movements (up or down) that attract media attention and trigger curiosity-driven influx. A high and stable level of new addresses is the healthiest indication - it reflects organic growth rather than temporary hype. Compare new addresses to active addresses to distinguish net growth from existing user activity.
Key zones
Peaks above 500,000 new daily addresses have historically coincided with parabolic bull market phases (December 2017, early 2021). A floor below 200,000 new addresses/day marks prolonged public disinterest - typical of bear market troughs. The 300,000-400,000 zone represents 'normal' activity outside cyclical extremes.
What to observe
Divergences between new addresses and price are particularly informative. If price reaches new highs but new addresses stagnate or decline, the rally is not supported by a broadening adoption base - historically a sign of fragility. Conversely, rising new addresses during a bear market indicates interest persists despite falling prices - a constructive indication. The second derivative (acceleration of new address growth) is a leading indicator of regime change.
Historical context
The Bitcoin network experienced several distinct adoption waves visible in new addresses: the initial cypherpunk wave (2009-2012), early adopter and first exchange adoption (2013-2014), the first mainstream wave (2017), institutional and DeFi adoption (2020-2021), and the ETF and Ordinals era (2023-2025). Each wave produced an increasingly higher peak in new addresses in absolute terms, reflecting the progressive broadening of the potential user base.
Expert notes
The metric counts addresses, not users. A single user can generate dozens of new addresses (change addresses, HD wallets). Exchanges also massively generate new addresses for deposits. For a more faithful view of actual adoption, cross-reference new addresses with entity-adjusted metrics (which group addresses by entity via clustering heuristics). The ratio of new addresses / destroyed addresses (addresses permanently emptied) gives the network's net growth.
Common mistakes to avoid
A rise in new addresses does not necessarily mean a rise in 'real' new users. Automated scripts, privacy protocols (CoinJoin), and Ordinals inscriptions can artificially inflate new address counts without adding actual human users. Conversely, custodial wallet adoption (centralised exchanges) can mask real growth - millions of users never appear on-chain because they use exchange internal accounts, not their own Bitcoin addresses.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/new-addresses/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "new-addresses",
"timeframe": "1y"
}Required tier: free. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
Related metrics
Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.