Recently, Bitcoin has shown significant growth in the number of new wallets and active circulation, despite relatively stable prices.
Strong BTC Network Growth
This week, Bitcoin's on-chain activity surged sharply. According to Santiment, on May 29, there were 556,830 new wallets created — the highest daily total since December 2, 2023. Just days later, on June 2, Bitcoin registered its most active circulation day since December 8, 2024, with 241,360 BTC moved. These activity spikes coincide with Bitcoin's price trading below $105,000.
Hash Ribbons Indicator Sends Buy Signal
Bitcoin's Hash Ribbons has issued a new buy signal, indicating stress within the mining sector. This tool monitors the 30-day and 60-day hashrate moving averages to determine when mining is less profitable. Such stress often forces miners to sell their BTC, adding short-term selling pressure. However, historically, this has indicated attractive buying opportunities for long-term investors.
Market Prospects and Investor Involvement
Quantitative metrics show increased capital inflow into Bitcoin, with new whales — wallets holding over 1,000 BTC — doubling their holdings to 1.1 million BTC since March. This indicates renewed investor confidence, alongside a 30% drop in exchange balances and increasing institutional adoption, which strengthen the demand-side picture.
Despite the current price stability, the data on wallet growth and circulation, as well as signals from indicators, create an optimistic outlook for the future of Bitcoin.
