Data: As BTC returns above 80,000 USD, on-chain activity drops to a two-year low

According to market news, Bitcoin's on-chain activity has dropped to a two-year low, with an average of about 531,000 active wallets and 203,000 new wallets per day. This data is significantly disconnected from Bitcoin's recent breakthrough of $80,000 (the first time in three months).

Santiment points out that typically, a price increase should attract more users and on-chain activity, but currently, the price rise is driven by smaller participants rather than a broad influx of new and returning users. Price increases lacking support from on-chain participation are often fragile, and when large holders take profits, there may not be enough new demand to take over. Historical data shows that a bottom in network activity often marks the end of a lull period, and once retail interest returns, there may be greater upside potential for prices.