Bitcoin Network Sees Surge in Wallet Creation and Token Movement
Bitcoin's price remains stable at around $104,300, reflecting a 0.50% drop in 24 hours and a 2.5% decline over the past week. Despite this, network activity is increasing.
Wallet Creation Jump
- On May 29, nearly 557,000 new wallets were created, the highest since December 2023.
- This indicates growing engagement with Bitcoin as more users open wallets for transactions.
Bitcoin's on-chain activity has seen sharp rises this week:
- May 29: 556,830 new wallets (highest since December 2, 2023)
- June 2: 241,360 BTC circulated (highest since December 8, 2024)
Increased Token Movement
- On June 2, over 241,360 BTC changed hands, marking the busiest day since December 2024.
- This high turnover suggests increased network traffic and user activity despite stable prices.
Big Holders Step In
- Large holders, known as "whales," increased their inflows by 145% in one week and 214% over the last month.
- This accumulation could tighten supply on exchanges, potentially driving prices higher when demand increases.
Mid Tier Investors Buy
- Wallets holding between 10 and 10,000 BTC added over 79,000 BTC in one week, averaging about 11,320 BTC per day.
- As of June 2, these mid-tier investors held over 13 million BTC, reducing available coins on exchanges.