Now that Bitcoin has risen to nearly $81,000, I found some data that caught my attention. Looking at on-chain activity, it actually has dropped to its lowest level in two years. On average, about 530k active wallets and 200k new wallets per day. The price is going up, but the number of participants is low—doesn't that seem strange?

Normally, when the price rises, new users flow in and on-chain activity increases as well. The current rally seems to be driven by just a few large players. During such times, caution is advised because if these big players start taking profits, there might be no new buyers to support the price.

However, historically, when on-chain activity hits a bottom, it often signals that a market turning point is near. If retail investors' interest surpasses the end-of-Bitcoin days and starts to return, there might still be room for further gains. Things are still quiet now, but I’m paying attention to what lies ahead.