- Bitcoin’s on-chain activity surged with 556,830 new wallets created, signaling growing investor interest.
- Binance’s market share in BTC spot trading rose to 35%, showing its dominance in the market.
- Bitcoin withdrawals from major exchanges exceed 20,000 BTC, tightening supply and supporting price growth.
More investors are becoming interested in Bitcoin, as shown by an increase in activity seen on the blockchain. Data from Santiment indicates that more new wallets and active coins are signaling that the currency is preparing for growth.
A record-breaking number of new BTC wallets (556,830) were set up on May 29th, 2022, following December 2023’s high record. On June 2nd, 241,360 coins were in circulation, a new high since December 2024 which points to stronger market movement.
Source: X
As Bitcoin is now near $105,000, on-chain activity has increased. Analysts believe these developments are good for the market because it signals that more investors are showing interest. Frequent on-chain actions usually indicate that the price will rise, even when the market is flat. BTC ’s steady price around $105,000 suggests it could be a strong correction, highlighting theory that a market pullback shouldn’t be a concern.
Binance Leads, LTHs Fuel Bitcoin’s Bullish Momentum
Along with the on-chain data, the number of BTC trades taking place on exchanges is remarkable. Binance, one of the main exchanges, has witnessed an increase in its place on the spot market, moving from 26% to 35%. Such volumes demonstrate that Binance is now a major player in BTC trading. Market action is become more frequent, as BTC faces important resistance levels.
Source: X
CryptoQuant’s data points out that BTC long-term holders are now positive about the coin’s future. The LTH Realized Cap Net Position is now over $20 billion which is a major sign of a bullish trend. LTHs describe people who have held BTC for over 155 days. This group is commonly known as “smart money” for not panicking and selling their stocks during market corrections.
Source: X
BTC Withdrawals Surge
At the same moment, the supply of BTC is gradually decreasing. The number of Bitcoin withdrawals on Kraken and Bitfinex is up significantly. More than 20,000 BTC was withdrawn from these platforms during a 48-hour period. Large amounts of Bitcoin being pulled off exchanges likely means there may be less supply which could strengthen Bitcoin’s price.
Since these conditions are all positive, BTC is expected to keep improving. As Binance grows in popularity, people holding for the long term increase their BTC and coins on exchanges are reduced, the market for cryptocurrency is becoming more positive.
Source: X
Although there are always short-term setbacks, the continued demand for Bitcoin may keep it moving upward. With a larger share in for exchange trading and limited supply being mined, BTC looks to grow over time.
Read More: Bitcoin’s Retail Interest Slows: Will Institutions Keep BTC Dominant in 2025?
