If we consider the emergence of a new cycle not only as a lack of supply pressure (sales), but also as the activity of new players in the market (demand), then we can safely state the fact of a certain transitional period between the bear and the bulls.
Following the principles of Supply-Demand, the sustainability of a bear market rally can be critiqued when the Supply side is not balanced by new Demand and rising network activity.
The number of unique New Addresses which appeared for the first time is an effective tool to gauge the activity in the network.
If you look at the annual moving average of new addresses in the network, you can trace the dynamics of the emergence of new growth impulses due to them. As it was seen after the bear market of 2018, after the migration of miners in May 2021, the subsequent stages of growth were accompanied by a surge in the growth of new addresses in the network. At this stage, from the bottom in June of this year, a surge in the fuel we need is not observed YET.
