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.
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 the price has stayed just under $105,000. People normally open new wallets to send and receive bitcoins, influenced by new sources, increased discussions among friends, or simple curiosity. Increased wallet holding indicates much wider usage.
Bitcoin’s on-chain activity has seen sharp rises this week as its price hovers just below $105K. On May 29, there were 556,830 new BTC wallets created, the highest since December 2, 2023. On June 2, 241,360 coins circulated, marking the highest activity since December 8, 2024.
On June 2, over 241,360 BTC changed hands, 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. Significant swings in daily token movement can indicate a shift in sentiment, with users either preparing to buy or sell. Currently, it appears more users are sending coins to each other, keeping the network busy even when the price remains stable.
Data from IntoTheBlock shows that large holders, often referred to as “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 accumulate coins, it can tighten supply on exchanges, making it tougher for new buyers to enter without driving prices higher. If whales continue buying at this rate, it could lead to more upward pressure on prices once everyday investors step in again.
It's not just the very large holders adding coins. Wallets holding between 10 and 10,000 BTC added more than 79,000 BTC in just one week, averaging around 11,320 BTC per day. As of June 2, they held over 13 million BTC in total. When both big whales and mid-level holders continue to accumulate, it further reduces the number of coins available on exchanges, meaning any shift in demand could significantly influence prices.
