Bitcoin active addresses hit a new high, the market may not be as hot as it seems

In May 2025, ambcrypto reported that according to the Crypto King’s official account, although Bitcoin (BTC) hit a six-month high in on-chain active addresses, the number of active addresses in a single day exceeded 925,000, and the BTC price also exceeded US$97,000, the price fell nearly 2% the next day. This is similar to the pullback after the surge in active addresses in early March, reflecting the divergence between on-chain activity and price trends.

It is worth noting that BTC has flowed into derivatives exchanges for about 5,000 Bitcoins (about US$484 million), suggesting more speculative positions rather than spot demand. With the sharp decline in active addresses, the market seems to have weakened its buying interest near high valuations, and breaking through the $100,000 target in the short term may appear too optimistic.