Bitcoin Network Activity Hits One-Year High With 2.27 Million New Wallets
Summary
- Santiment said 2.27 million new Bitcoin wallets were created over the past week, the highest level in the past year.
- It also said 751,000 active Bitcoin wallets were recorded over the same period, the highest level in 10 months.
- Santiment said periods when network usage increases and large investors accumulate at the same time have historically been positive for Bitcoin's price over the following weeks to months.
Forecast Trend Report by Period
Bitcoin network activity has surged.
On-chain analytics platform Santiment said in a post on X on August 9 that Bitcoin recorded a week of strong on-chain activity. Over the past week, 2.27 million new Bitcoin wallets were created, the highest level in the past year.
Active wallet numbers also jumped. Santiment said 751,000 Bitcoin wallets were active over the same period, the highest level in 10 months.
Santiment said the increase appeared to be driven by users moving funds and creating new wallets as security concerns intensified following recent confusion surrounding Coldcard wallets.
The firm also said the trend could support Bitcoin's price.
Fear and greed can both push users to trade and rebalance positions, reviving previously subdued demand, Santiment wrote. It added that when network activity surges because of anxiety among retail investors, large Bitcoin holders tend to use the disruption to accumulate more aggressively.
Historically, periods when rising network usage and accumulation by large holders occur at the same time have supported Bitcoin prices in the following weeks to months, Santiment added.
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