Bitcoin’s price has been pretty flat lately, but the network is buzzing with activity! Let’s dive into the details.
New Wallets Galore
A huge number of new Bitcoin wallets were created recently. On May 29th, almost 557,000 new wallets popped up – the most since December 2023! This shows a lot of people are getting involved with Bitcoin, even though the price hasn’t changed much. Why the surge? Maybe more people are hearing about Bitcoin, talking about it with friends, or just curious to check it out. Whatever the reason, more wallets mean more people using the network.
Coins on the Move
Bitcoin’s been moving around a lot too. On June 2nd, over 241,360 Bitcoins changed hands – the highest daily volume since December 2024. This high turnover could mean several things: traders are buying and selling, investors are shifting their coins, or a mix of both. It’s a sign of a busy network, even without a big price change. Right now, it seems like a lot of people are sending coins to each other.
Big Players Are Buying
The big players, often called “whales,” are also getting in on the action. Data shows their Bitcoin inflow increased by a whopping 145% over the past week and 214% over the past month! When whales buy, it reduces the supply of Bitcoin on exchanges, potentially making it harder to buy and pushing the price up.
Mid-Sized Holders Join the Party
It’s not just the whales; mid-sized holders (those with 10 to 10,000 BTC) also bought a significant amount of Bitcoin – over 79,000 BTC in a single week! That’s a lot of Bitcoin changing hands. With both big and mid-sized holders accumulating, the available supply of Bitcoin on exchanges is shrinking. This could mean even a small increase in demand could cause a bigger price jump.
