TLDR: Many crypto people think the bear market is caused by the lack of new crypto users. After investigating the historical data, i surprisingly find the increasing rate of new unique ETH address is not slowing down in the bear market. Instead, the daily on-chain active addresses stops growing after the end of 2021. Therefore, I think “new crypto users number” is too general to be used to set a goal. It’s crucial to help more off-chain crypto users turn into on-chain users.

Lots of crypto researchers think the lack of new crypto users causes the bear market. And the key to the next bull run is to onboard more new users. However, as statistics goes, the increasing rate of new unique wallet addresses doesn’t increase rapidly in the last bull run and doesn’t slowdown in the current bear market. Crypto is still attracting around 100000 new users every day. 

So what happened in the last bull cycle? If we look at the daily active ETH addresses chart instead, we can find that there is huge increase of addresses number from the Jan of 2020 to the may of 2021 when the ETH price goes from 150 dollars to 3700 dollars. And the daily on-chain active addresses stops growing after the end of 2021.Therefore, i think the active crypto addresses number is a better metric to predict the next bull cycle.

TLDR: Many crypto people think the bear market is caused by the lack of new crypto users. After investigating the historical data, i surprisingly find the increasing rate of new unique ETH address is not slowing down in the bear market. Instead, the daily on-chain active addresses stops growing after the end of 2021. Therefore, I think “new crypto users number” is too general to be used to set a goal. It’s crucial to help more off-chain crypto users turn into on-chain users.

Lots of crypto researchers think the lack of new crypto users causes the bear market. And the key to the next bull run is to onboard more new users. However, as statistics goes, the increasing rate of new unique wallet addresses doesn’t increase rapidly in the last bull run and doesn’t slowdown in the current bear market. Crypto is still attracting around 100000 new users every day. 

So what happened in the last bull cycle? If we look at the daily active ETH addresses chart instead, we can find that there is huge increase of addresses number from the Jan of 2020 to the may of 2021 when the ETH price goes from 150 dollars to 3700 dollars. And the daily on-chain active addresses stops growing after the end of 2021.Therefore, i think the active crypto addresses number is a better metric to predict the next bull cycle.