Bitcoin On-Chain Activity Spikes as Price Hovers Below $105K. Bull Run Incoming?

Bitcoin (BTC) is witnessing a notable surge in on-chain activity, reigniting optimism about a possible bull run as the price steadies below the $105,000 mark. The surge in network engagement suggests rising interest in the asset, despite its recent failure to hold above key resistance.

📊 Bitcoin’s on-chain activity has seen sharp rises this week as its price hovers just below $105K:

📈 May 29th: 556,830 new $BTC wallets created (Highest since December 2, 2023)

🔄 June 2nd: 241,360 coins circulated (Highest since December 8, 2024)

Growth in a network’s… pic.twitter.com/2DxknVXrKT

— Santiment (@santimentfeed) June 5, 2025

According to data shared by Santiment, an on-chain analytics platform, 556,830 new BTC wallets were created on May 29. This marks the highest single-day wallet growth since December 2, 2023. In addition, June 2 saw the circulation of 241,360 coins, marking the most active day for the asset’s movement since December 8, 2024. Both metrics signal renewed participation and suggest traders may be preparing for increased price action.

Mid-Size Holders Buy the Dip 

While price volatility has kept many on edge, wallets holding 10 to 10,000 BTC have taken a more aggressive stance. Over the past week, this group accumulated 79,244 BTC, averaging more than 11,000 BTC daily, pointing to rising confidence among seasoned participants.

Their renewed activity arrives at a time when increased wallet creation and token movement are setting the stage for sharper market swings. With bitcoin still grappling with resistance at $105,000, the accumulation by this cohort could prove pivotal in determining whether a breakout is next.

Profit-Taking Accelerates Post-ATH

At the same time, many long-term holders have been seizing the opportunity to lock in substantial profits. Following bitcoin’s all-time high above $111,000, profit realization has surged, with on-chain data reflecting one of the most profitable periods in recent memory.

Glassnode reported that the average coin sold since the ATH has captured at least 16% gains. On June 3, its Entity-Adjusted Realized Profit metric spiked above $500 million per hour three times in one day. This wave of selling closely trailed bitcoin’s brief push to $106,780 before slipping back below $105,000.

At press time, BTC was trading at $104,664, down 0.8% over the past 24 hours. Despite the dip, it’s up over 11% in the last 30 days and nearly 48% year-on-year.

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