Bitcoin on-chain activity is rising despite limited price movement, signaling growing network participation. Notably, Bitcoin’s price has seen limited movement in recent days, hovering between $103,000 and $106,000. As of today, the price stands at $104,802, reflecting a 0.69% decline in the past 24 hours and a 3.35% drop over the past week. Despite this stagnation, Bitcoin’s on-chain activity has experienced notable growth. Analysts at Santiment, a market intelligence platform, have pointed out a surge in Bitcoin’s on-chain activity, which typically reflects increased user engagement and expanding network participation. Surge in Bitcoin Network Growth Specifically, on May 29, 2025, Bitcoin witnessed a significant spike in network growth. A total of 556,830 new wallets were created on that day, marking the highest increase in new wallet creation since December 2023. This sharp rise in network growth signals increased interest and participation in the Bitcoin ecosystem. Notably, this increase in network growth occurred even as Bitcoin’s price remained relatively stable just below $105,000. This suggests that factors other than price action, such as increased awareness and adoption, are driving new users to the Bitcoin network. As more individuals create wallets, the potential for further network expansion and long-term growth remains high. High Token Circulation Points to Active Market Meanwhile, on June 2, 2025, Bitcoin saw a significant spike in token circulation, with 241,360 BTC transacted on that day. This surge marked the highest daily token movement since December 2024. The rise in token circulation signals a more active market, with Bitcoin being moved at higher volumes between wallets. Increased circulation often correlates with heightened trading activity, suggesting that more investors and traders are engaging in Bitcoin transactions. Analysts from Santiment highlighted that growth in a network’s on-chain activity is generally a positive sign for the market. According to Santiment, this growth should be closely monitored. Accumulation by Large Bitcoin Holders Amid this increased network activity, data from IntoTheBlock shows that large Bitcoin holders, or “whales,” have been steadily accumulating more Bitcoin in recent weeks. A chart from IntoTheBlock reveals a sharp increase in Bitcoin inflows to large holders, with a 145.84% rise over the past 7 days and a 214.36% increase over the past 30 days. Bitcoin Large Holders Inflow These inflows indicate that substantial investors are buying Bitcoin in large quantities, which could contribute to an upward pressure on the price. Moreover, a recent report by The Crypto Basic showed that wallets holding between 10 and 10,000 BTC have also been accumulating Bitcoin at a rapid pace. In just one week, these wallets added 79,244 BTC, averaging 11,321 BTC per day. As of June 2, the total holdings of these wallets surpassed 13.57 million BTC. The increased accumulation by large holders could lead to a tightening of Bitcoin’s supply on exchanges, further contributing to potential price movements.