Bitcoin (BTC) price wobbled below $28,000 on Monday as global markets began reacting to the Middle East tensions. On-chain data examines the conflicting signals surrounding Bitcoin’s safe haven credentials and how it could impact prices in the weeks ahead.  Early clues from on-chain data trends signal how Bitcoin price could react mid-to-long term. Number of New Addresses Buying Bitcoin Drops to 4-Month Low On October 8, Bitcoin registered its lowest number of new addresses in four months. Recent macro events surrounding the Middle East tensions could appear to be one driver behind this decline in new users adopting Bitcoin. Only 367,874 new addresses were created on the Bitcoin network on October 8. According to the Glassnode chart below, Bitcoin’s new-address acquisition rate has not dropped this low since July 22. Bitcoin (BTC) New Addresses vs. Price | Source: Glassnode Otherwise called Network Growth, the New Addresses metric evaluates the current rate at which a blockchain protocol attracts new users. i.e, by aggregating the number of new wallets created daily.  A significant decline in new addresses is often bearish for a cryptocurrency network as the native coin could struggle to attract fresh demand.   Referencing the Middle East crisis, this decline in Bitcoin Network Growth signals that non-crypto native investors are turning to other more familiar safe haven asset classes as economic uncertainty looms.  BTC’s price currently holds a relatively high support level at $27,500. But if the network growth decline persists, it could weaken market demand in the weeks ahead.