Bitcoin is rebounding above $80k, and there's some data that catches my attention. On-chain activity has dropped to its lowest level in two years. According to Santiment's data, there are about 530k active wallets per day and 200k new wallets. That's quite low. Normally, when prices go up, more users should participate in the network, but this rally seems different. It appears to be driven by a small number of large players, with little influx of new or returning users.

When considering what this kind of pause means, it actually indicates a quiet period at the bottom of the market. Historically, when network activity reaches these subdued levels, it often signals an impending market reversal. In other words, if retail investors' interest returns, there could be room for further upside. However, at this stage, price increases without on-chain participation are often fragile, and if large players start taking profits, there may be a lack of new demand to support the price. Even during this lull, such phases make the movements of retail investors particularly important.