Bitcoin Surpasses $80,000 Amidst Declining On-Chain Activity

2026-05-05 08:54

Bitcoin has surged above $80,000 for the first time in three months, according to Santiment Intelligence data. Despite this price increase, Bitcoin's overall on-chain activity has fallen to a two-year low. Currently, approximately 531,000 Bitcoin wallets are conducting daily transactions, with around 203,000 new wallets being created each day. Santiment noted that Bitcoin has risen by about 22% over the past five weeks. However, the lack of a corresponding increase in on-chain participation suggests that the recent price rally may not be supported by a broad influx of new users.

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