Bitcoin’s price has barely moved in the last week, but other signs point to growing activity on the network. On June 5, Bitcoin traded around $104,300, down 0.50% in 24 hours and off 2.5% over the past seven days. Yet data shows more people are joining the network, and more coins are being passed around.
Wallet Creation Jump
According to Santiment, on May 29 nearly 557,000 new wallets appeared. That was the highest number since December 2023. It means thousands of people are opening wallets even though price has stayed just under $105,000.
People normally open new wallets to send and receive bitcoins but they somehow come across the idea through new sources, increased talks among friends or create simple curiosity. In any case, an increased wallet holding indeed indicates a much wider usage.
Bitcoin’s on-chain activity has seen sharp rises this week as its price hovers just below $105K:
May 29th: 556,830 new $BTC wallets created (Highest since December 2, 2023)
June 2nd: 241,360 coins circulated (Highest since December 8, 2024)
Growth in a network’s… pic.twitter.com/2DxknVXrKT
Increased Token Movement
On June 2, over 241,360 BTC changed hands. This was deemed the busiest day since December 2024. Reports from Santiment suggest that high coin turnover usually coincides with increased traffic.
Traders might be moving coins in and out of exchanges, or investors could be shifting wallets. Big swings in daily token movement can point to a shift in sentiment—people either getting ready to buy or sell.
Right now, it mostly looks like more users are sending coins to each other, which keeps the network busy even when price sits still.Big Holders Step In
Data from IntoTheBlock shows that large holders—often called “whales”—are stocking up. Their coin inflows jumped by 145% over the last seven days, and by 214% over the past 30 days.
When big players load up, it can tighten supply on exchanges. That makes it tougher for new buyers to get in without driving price higher. If whales keep buying at this rate, it could lead to more upward pressure on price once everyday investors step in again.Mid Tier Investors Buy
It’s not just the really big holders adding coins. Wallets holding between 10 and 10,000 BTC added more than 79,000 BTC in just one week. That means these mid-tier holders picked up around 11,320 BTC per day on average.
As of June 2, they held over 13 million BTC in total. When both big whales and these mid-level holders keep stacking, it further cuts down the number of coins floating on exchanges. Fewer coins available often mean any shift in demand could move price more.
Featured image from Imagen, chart from TradingView
