[Analysis] "Bitcoin on-chain activity surges... Network heats up ahead of $105,000"
Suehyeon Lee
Summary
- It was reported that as the Bitcoin price consolidates just below $105,000, on-chain activity has greatly increased.
- The number of new Bitcoin wallets hit the highest point since December 2023, and the circulating volume of Bitcoin also reached its highest since December 2024.
- Santiment analyzed that this increase in on-chain activity could be interpreted as a precursor to strong price movements.
As the price of Bitcoin (BTC) consolidates just below $105,000, attention is being drawn to a significant increase in on-chain activity on the network.
According to Santiment on the 5th (local time), the number of newly created Bitcoin wallets in a single day on the 29th of last month was 556,830, marking the highest figure since December 2, 2023.
Furthermore, on the 2nd, 241,360 Bitcoins circulated, which was the highest since December 8, 2024. Regarding this, Santiment analyzed that "an increase in on-chain activity is generally a positive signal and is sometimes interpreted as a precursor to strong price movements."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
