Bitcoin's on-chain metrics indicate a notable increase in activity, particularly with 556,830 new wallets opened on May 29, marking the highest level since December 2023. Further, on June 2, 241,360 BTC changed hands – the most significant coin circulation since December 2024. As Bitcoin hovers below the $105K mark, these developments suggest an uptick in interest and usage of the Bitcoin network.
The rise in wallet creation signals potential market readiness for increased participation, yet derivatives traders appear cautious. The Miners’ Position Index (MPI) went up by 9.85% to -0.55, remaining in negative territory, which indicates miners are maintaining their holdings rather than capitalizing on current prices during this period of apparent strength.
An increase in the Coin Days Destroyed (CDD) metric by 2.22% shows some older Bitcoin is moving again, yet the figures remain modest. This suggests long-term holders are choosing to sit tight rather than sell, which could support price stability. Notably, Bitcoin's Stock-to-Flow Ratio (S2F) has increased by 300.01% to 6.3598M, highlighting growing scarcity when supply constricts post-halving.
In the derivatives market, reactions are mixed. Futures volume slightly increased by 0.14% to $70.45 billion, indicating ongoing interest, while Open Interest fell by 1.02% to $70.49 billion, and Options volume dropped significantly by 23.38% to $2.80 billion, indicating caution among speculators. Conversely, an uptick of 1.39% in Options Open Interest to $40.99 billion indicates some traders are adopting long-term strategies.
Despite gains in on-chain metrics pointing to a foundation for potential growth, traders remain hesitant, waiting for stronger signals before increasing market exposure. As interest builds, Bitcoin must secure a decisive movement above $105K to attract the necessary momentum among leveraged participants.
The rise in wallet creation signals potential market readiness for increased participation, yet derivatives traders appear cautious. The Miners’ Position Index (MPI) went up by 9.85% to -0.55, remaining in negative territory, which indicates miners are maintaining their holdings rather than capitalizing on current prices during this period of apparent strength.
An increase in the Coin Days Destroyed (CDD) metric by 2.22% shows some older Bitcoin is moving again, yet the figures remain modest. This suggests long-term holders are choosing to sit tight rather than sell, which could support price stability. Notably, Bitcoin's Stock-to-Flow Ratio (S2F) has increased by 300.01% to 6.3598M, highlighting growing scarcity when supply constricts post-halving.
In the derivatives market, reactions are mixed. Futures volume slightly increased by 0.14% to $70.45 billion, indicating ongoing interest, while Open Interest fell by 1.02% to $70.49 billion, and Options volume dropped significantly by 23.38% to $2.80 billion, indicating caution among speculators. Conversely, an uptick of 1.39% in Options Open Interest to $40.99 billion indicates some traders are adopting long-term strategies.
Despite gains in on-chain metrics pointing to a foundation for potential growth, traders remain hesitant, waiting for stronger signals before increasing market exposure. As interest builds, Bitcoin must secure a decisive movement above $105K to attract the necessary momentum among leveraged participants.
