Bitcoin price rises 22% but on-chain activity hits 2-year lows, signaling weak user participation.

Bitcoin's price has surged about 22% over the past five weeks, reclaiming the $80,000 mark, yet on-chain activity has fallen to its lowest in two years. Only 531,000 wallets are making daily transfers and 203,000 new wallets are created daily, both figures at two-year lows. This divergence suggests the rally is driven by a small group of market players rather than broad user adoption, making the price increase fragile and vulnerable to profit-taking. Market watchers see low activity as a warning but also a potential contrarian signal that a market turning point could be near if retail interest picks up again.