Bitcoin wallet creation hits 6-month high, but traders sit back: Why?

Bitcoin’s on-chain strength builds, but derivatives traders remain cautious below $105K.

• Bitcoin saw 556K new wallets and 241K BTC moved, the highest activity since December 2024.
• Derivatives market shows mixed sentiment as Futures rise but Options volume slumps.

Bitcoin [BTC] has seen a strong rise in on-chain activity, with 556,830 new wallets created on the 29th of May—the highest since the 2nd of December 2023. 

Additionally, 241,360 BTC were circulated on the 2nd of June, marking the highest coin movement since the 8th of December 2024. 

These spikes come as Bitcoin trades just below $105K.

Rising wallet creation and circulation suggest growing interest in the network and higher usage across exchanges. 

This trend may signal a build-up toward greater market participation, potentially acting as a foundation for upward momentum as market volatility remains suppressed.