Bitcoin’s on-chain activity has surged, with 556,830 new wallets created on May 29, marking the highest activity since December 2023. Furthermore, 241,360 BTC were moved on June 2, reflecting increased circulation on the network.
The derivatives market exhibits conflicting signals. Futures volume increased to 70.45 billion USD, while Options trading declined, indicating traders are hesitant. This caution persists despite positive indicators from on-chain data.
Miners are showing restraint in selling, suggesting a bullish sentiment in the Bitcoin market. Additionally, the Coin Days Destroyed metric remains steady, indicating limited movement of dormant coins and supporting overall price stability.
Leave a Reply