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Growing Network Activity Amidst Static Bitcoin Prices
Despite a stagnant market with Bitcoin’s price fluctuating slightly around $104,300 as of June 5, 2025, the underlying bitcoin news reveals a surge in network activity. While the price dipped by 0.50% in 24 hours and fell 2.5% over the last week, other metrics indicate a vibrant and growing network.
Surge in Wallet Creation
On May 29, nearly 557,000 new Bitcoin wallets were established, marking the highest number since December 2023. This increase signifies that despite the steady price, interest in Bitcoin and engagement with the cryptocurrency is not waning. Individuals continue to create wallets for transactions, driven by various factors such as recommendations, curiosity, and increased discussions about Bitcoin.
Record Levels of Bitcoin Circulation
Data from June 2 shows a significant movement of 241,360 BTC, the busiest day since December 2024. This high level of token circulation often correlates with increased user interaction within the network. Traders and investors are actively moving their holdings, possibly in anticipation of market movements, keeping the network dynamic even when the price remains relatively unchanged.
Whales Accumulating More Bitcoins
According to insights from IntoTheBlock, large Bitcoin holders, often referred to as “whales,” have significantly increased their holdings. Their coin inflows surged by 145% in the past week and 214% over the last 30 days. This accumulation by big players can restrict the supply on exchanges, potentially making it challenging for new buyers to enter the market without pushing the prices up.
Mid-Tier Investors Also on the Rise
It’s not only the whales who are active. Wallets holding between 10 and 10,000 BTC have added over 79,000 BTC in just one week, averaging about 11,320 BTC per day. As of June 2, these mid-tier investors held more than 13 million BTC. The continuous accumulation by both whales and mid-tier investors reduces the available coins on exchanges, setting the stage for possible price movements if demand shifts.
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