Bitcoin Network Hits One-Year High as 2.27 Million New Wallets Are Created
Summary
- Santiment said 2.27 million new Bitcoin wallets were created over the past week, the highest level in the past year.
- It also said 751,000 active Bitcoin wallets were recorded over the same period, the highest level in the past 10 months.
- Santiment added that the combination of rising network usage and accumulation by large investors has historically had a positive effect on Bitcoin prices over the following weeks to months.
Forecast Trend Report by Period
Bitcoin network activity has surged, according to on-chain analytics platform Santiment.
In a post on X on August 9, Santiment said Bitcoin logged a week of strong on-chain activity, with 2.27 million new wallets created over the past seven days. That marked the highest level in the past year.
Active wallet counts also jumped. Santiment said 751,000 Bitcoin wallets were active during the same period, the highest level in the past 10 months.
The firm said users appear to be moving funds and creating new wallets as security concerns rise following recent confusion related to Coldcard wallets.
Santiment also said the trend could support Bitcoin prices.
"Both fear and greed drive users to trade and rebalance positions, which can revive previously subdued demand," Santiment wrote. It added that when network activity spikes because retail investors are unsettled, large Bitcoin holders tend to use the turmoil to accumulate more aggressively.
Santiment said the combination of rising network usage and accumulation by large investors has historically had a positive effect on Bitcoin prices over the following weeks to months.
Uk Jin
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