- Bitcoin’s active addresses just hit a six-month high, because there’s nothing people love more than checking if they’re rich—again, and again, and again.
- Meanwhile, the world holds its breath as BTC tries to strut confidently above $97,000 (spoiler: it trips).
So here comes the usual fanfare about “$100,000 Bitcoin!”, which is adorable considering BTC just pulled a limbo move, dropping 4% from the $97k piñata in under 72 hours. Ambitious? Let’s go with “optimistic in the way my dad was, shouting at Dot-Com stocks.”
But to the data! On-chain activity has been busy—like, Manhattan-commute busy. In a single day, 925,914 active addresses pinged Bitcoin, possibly because they forgot their password again, or maybe because $96,951 makes wallets extra itchy.
One might think this would ignite a rally—a digital gold rush, right? Nope. Instead, Bitcoin did what all coins do when you brag about them at a party: it dropped 2% faster than my self-esteem after karaoke night.
If this feels familiar, you’re not alone. In early March, active addresses spiked to 860,000 (“It’s happening, huh?”) before BTC retraced harder than I do when I walk into a spiderweb—down 7% as activity fizzled.
What’s going on here? It’s that classic on-chain/price misalignment, like trying to salsa to the wrong playlist. All those network beeps just reflect a bearish divergence, which in English means “enthusiasm isn’t paying the bills.”
AMBCrypto’s sleuths discovered that the same day address numbers boomed, about 5,000 BTC (so basically Scrooge McDuck money, nearly $484 million) moved to derivative exchanges. If you hear the phrase ‘speculative optimism’ and flashback to GameStop, you get the vibe.
Narrator voice: This was not, in fact, retail investors HODLing. Instead, this was leverage-driven roulette—with the price tanking as a reward.
Does Bitcoin Still Have FOMO Left, or Did Everyone Log Off?
The golden age (read: two weeks ago in crypto time) of actual buy-and-hold action? That’d be April 29th. Net outflows on the up, price at $94,280, and everyone waiting for fireworks. Now? Net flows flatter than a soda opened last Christmas. Retail traders, possibly busy doing their taxes, seem unimpressed. Is the great Crypto Enthusiasm finally exhausted?
To pile on: active addresses, after peaking on May 2nd, fell off a cliff to a sad 618k a day later. That’s the participation equivalent of a Zoom meeting at 4:59 pm on a Friday. Suddenly, no one wants to buy at $97k, which frankly makes sense if you ever bought Beanie Babies in 1998.
Long story short, betting on a crisp $100k Bitcoin today is like expecting to find avocados at a reasonable price—sure, it could happen, but you’d be braver than most.
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2025-05-06 05:18