HomeCrypto NewsBitcoin NewsSantiment: Bitcoin Adds 344K Wallets as Price Retests $104K

Santiment: Bitcoin Adds 344K Wallets as Price Retests $104K

Date:

  • Bitcoin marks an all-time high one-day addition to wallets, indicating increased retail interest.
  • Short squeeze speeds up Bitcoin’s price surge past $104K.
  • Bitcoin takes first place in Amazon and fifth in the world with a $ 2.04T market size.

Bitcoin added a whopping 344,000 new wallets on May 8 recording the highest single-day wallet addition in 2025. This occurred at a time when the cryptocurrency’s price skyrocketed to a nine-month peak of $104,000. The increase in wallet creation indicates increased retail participation amid a robust price rally during which the value of Bitcoin shot over $10,000 in three days.

Bitcoin’s price shot from below $94,000 to $104,000 from May 6 to May 9. This upward trend emerged following an ebb-and-flow period of a few days from May 3 through May 5. The rally was conclusively driven by heightened on-chain activity, an expanding participation of new users and major chart acts in the derivatives market.

Record Wallet Growth Aligns With Price Surge

The data from Santiment confirmed that 344,620 new Bitcoin wallets appeared on May 8, one of the biggest single-day authorizations of wallet activity we’ve ever seen this year. The same increase was reported in April. The spike in wallet creation began May 4 as Bitcoin’s price leveled off after dipping below 272,000 for new daily wallets. This trend has grown in trend direction in correlation with the initiation of the last rally.

Besides the new wallet generation, supporting on-chain data showed growing user interaction. New addresses increased 8.13% during the span of seven days, active addresses increased 8.79%, and previously inactive wallets became active at a rate of 11.35%. Such numbers amount to a rising stake in retail because many people replenish their wallets when prices go up.

Source: IntoTheBlock

Short Squeeze Intensifies Momentum

Major exits in the derivatives market also boosted Bitcoin. In 24 hours, $343.99 million of positions had been wiped out with short positions at $320.96 million and long positions at $23.04 million. In 12 hours not less than $184.90 million of short positions were liquidated, adding pressure to bearish traders.

Source: Coinglass

These compelling reasons for leaving contributed to a classic short squeeze, when, with increasing prices, traders forced to sell would buy back their assets thus raising the price further. The imbalance between short and long liquidations illustrated how strongly traders went short in the rally and how fast the market mood flipped.

Bitcoin Market Cap Surpasses Amazon

When Bitcoin recorded its new heights in the again market, its market capitalization shot through the roof and surpassed Amazon’s $ 2.040 trillion to $ 2.039 trillion. This change made Bitcoin the fifth most important asset in the world, after the market cap but succeeding NVIDIA, Apple, Microsoft, and Gold. 

The watershed moment was when retail interest and derivatives trading activity became better. As we write up, Bitcoin only trades above $102,000 with 4.1% up in the last 24 hours, 6.4% a week ago, and 10.4% in the previous two weeks before that.

You May Also Like

World Liberty Bags Millions in Ethereum as Price Climbs: ETH Could Surge Higher—Here’s Why

ETH lately rallied beyond the $2.2k resistance and is now registering a 20% weekly gain according to the latest price data.One of the biggest Ethereum-related headlines this week, was...

FLOKI History Repeats? Token Eyes Massive 300% Surge to $0.00035

FLOKI targets $0.00035 as a breakout pattern mirrors past rallies.Open interest stabilizes at $20.98M, signaling sustained trader confidence.Analysts eye a $0.00025–$0.00035 range based on historical support and RSI strength.According...

Here’s Why Solana (SOL) Could Be Set For A Massive Surge

Robinhood may soon bring Wall Street to the blockchain for its EU users, with plans to introduce tokenized versions of U.S. stocks.This way, instead of having to buy equities...

G7 May Target North Korea’s Crypto Heists at Canada Summit

North Korea stole $1.34 billion in crypto this year using cyberattacks on global platforms.G7 leaders are weighing joint steps to block stolen crypto from funding banned weapons programs.Hackers used...
Ann Mugoiri
Ann Mugoiri
Ann enjoys writing about cryptocurrency and blockchain technology. With More than 5 years of experience. For years she has followed their development and now believes these technologies could potentially revolutionize many industries. She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.

Subscribe To Our Weekly Picks!

- Join over 76,000+ subscribers

- Weekly picks delivered to your email

- It's free to subscribe!

Latest Altcoin News

SPONSORED ADVERTISEMENTspot_img

Latest News Stories

Wellgistics Bets $50M on XRP to Revolutionize Healthcare Pay

Wellgistics Health will use a $50M credit line to integrate XRP for faster, low-cost...

Senators Probe Trump-Binance Ties—Demand Answers from Treasury, DOJ

Democratic senators pressed Treasury and Justice to probe Trump family's financial links with Binance.A...

SEC Ends Legal Battle With Ripple in $50 Million Settlement

Ripple and the SEC agreed to settle their XRP lawsuit with $50 million payment...

Missouri Set to Become First State to Eliminate Capital Gains Tax

Missouri’s bill exempts capital gains from taxes, aiming to attract crypto investments.The tax exemption...

Celebrity Liability in FTX Collapse—Did They Really Know the Risks?

A Florida judge dismissed most claims against celebrities like Tom Brady and Stephen Curry,...