TLDR:
- Bitcoin on-chain activity has fallen to 2-year lows, with only 531K wallets making daily transfers.
- BTC’s 22% price rise over five weeks is not backed by broad network participation or new user growth.
- Only 203K new Bitcoin wallets are created daily, a figure that sits at the lowest point in two years.
- Santiment warns that price rallies without on-chain support are historically fragile and short-lived.
Bitcoin on-chain activity has dropped to its lowest levels in two years, even as BTC reclaims the $80,000 price mark.
Data from blockchain analytics firm Santiment shows only 531,000 wallets making daily transfers. Additionally, just 203,000 new Bitcoin wallets are being created each day.
These are the weakest participation numbers since 2023. The gap between the price recovery and user activity has drawn fresh scrutiny from market observers.
A Rally Supported by Few Market Players
Bitcoin’s price has climbed roughly 22% over the past five weeks. Yet, the number of daily active wallets has not risen in step with the price.
This kind of divergence is unusual during a sustained price recovery. Market participants and on-chain analysts are paying close attention to the gap.
Santiment noted on X that both wallet metrics are sitting at two-year lows. The firm shared data showing “531K Bitcoin wallets making transfers daily” and “203K new Bitcoin wallets created daily.”
This comes as Bitcoin breaks back above $80,000 for the first time in three months. The timing makes the numbers stand out even more.
Typically, rising prices pull in new users and encourage more wallet activity. More on-chain traffic and higher wallet creation rates are common signs of broad adoption. Those signals are clearly missing from the current rally.
Instead, a smaller pool of market participants appears to be driving prices higher. Without wide user participation, the move rests on a narrow foundation.
That makes it more sensitive to profit-taking by larger holders. There is also less fresh demand available to absorb a potential sell-off.
What Low Network Activity Could Signal Next
Low on-chain activity during a price rally is widely viewed as a warning sign. According to Santiment, price increases without growing on-chain participation tend to be fragile. There is simply less buying pressure backing the current move.
If larger players choose to exit their positions, the situation becomes more delicate. There may not be enough demand from new users to keep prices elevated.
The absence of retail adoption at scale remains a key concern for market watchers. Santiment’s data shows that buying fuel remains thin at current participation levels.
However, Santiment also notes that low activity can serve as a contrarian signal. Activity bottoms have historically marked the end of periods of market apathy, not the continuation of them. The market may be closer to a turning point than the current numbers suggest.
Bitcoin is already recovering toward $80,000 with participation near multi-year lows. If retail interest picks back up and daily active addresses begin climbing, the move could gain a stronger footing.
During the 2024–2025 peaks, new wallet creation regularly exceeded 100,000 per day. A return to those levels would represent a notable shift in market momentum.
