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Glassnode data analysisData encryption quartz sandstoneIt shows that the new address momentum indicators of BTC (BTC) and ETH (ETH) reflect that the BTC network has improved, while the mood of ETH network is just the opposite.

The improvement of daily active users, more business management of freight volume and strong demand for backward areas are generally the health characteristics of network selection. Considering one point,Data encryption quartz sandstoneThe investment analyst elaborated the new address momentum, new entity momentum and activity detailed address momentum indicators of BTC and ETH.

A new speech trend

The total number of new addresses recorded on the chain can be an efficient special tool to test the scale, trend and trend of all network theme activities.

Because of the intra-day uncertainty of the subject activity indicators on the chain, the absolute number of all new addresses with given dates may not provide data. In turn, the number and development trend of new addresses put into the market by month or year can provide other information.

The figure shows the total number of new addresses on the BTC chain on average every month and every year, respectively indicated by red and blue lines.

New Entity Trends

This measurement shows that new entities entering the blockchain can provide valuable insights when used together with a new detailed address momentum measurement.

Similar to the new address momentum chart, the following chart shows the average monthly and current year momentum of BTC new entities since 2010. The pink line shows the monthly average, while the dark green line shows the average next year.

These two indicators illustrate the relative change of core emotions and help to clarify when the trend of online theme activities will turn into. When the monthly average value exceeds the annual average value, it indicates the expansion of activities on the chain, generally reflecting the most basic network improvement and increasing network utilization.

If the annual average value exceeds the monthly average value, it means that the theme activities on the chain are contracted, which is also a common sign of the vicissitudes of network infrastructure construction and the decline of network utilization.

The chart shows that at this stage, BTC's new address momentum and new entity momentum indicators are higher than the annual average. Historical records show that every time such indicators exceed the annual average, it is easy to have a bull market mentality. In the first month of 2023, BTC will increase from 15000 US dollars to 24000 US dollars.

It also promoted the following argument: the bull market in 2021 will be completed in the middle of 21 years, and the bull market in November is not organic, but driven by derivative products.

At this stage, we can see that new entities will effectively enter the BTC network for the first time in 2021. However, at the beginning of 2022, the total flow will be temporarily terminated, but it can be said that this period will be at the end of the bull market.

Ether coin

ETH's indicators reflect different emotions. The following figure shows the detailed address momentum and new address momentum indicators of the average monthly and current year activity of ETH.

These two indicators are lower than the average of this year, indicating that there is a lack of a new participant to enter the network. Since the beginning of 2021, this indicator has been lower than the average of this year.