Similarly, the number of new Bitcoin addresses is steady and has cooled from a spike late last year, likely due to the Ordinals frenzy. The Ordinals protocol allows users to store non-fungible tokens (NFT) on Bitcoin called inscriptions and saw a surge last year in popularity, clogging the network and driving up transaction fees.
Bitcoin (BTC) Price Rally Draws ‘Quiet’ Retail Participation, Likely Driven by Institutions: IntoTheBlock
