So, if I understand correctly, the "Entities Net Growth" (orange line) represents new addresses (to which some deposits have been made) and not total active addresses?
However, one thing stands out, and that is the enormous spike that occurred during the bottom of the $15k bear market last year. This spike even exceeds the bull market's 2021 level.
It has got to be in relation to some events outside of normal market activities. Maybe people getting spoofed by FTX or Binance troubles and moving funds away either different exchanges or to non-custodial wallets? There's no way this is an organic growth.