Bitcoin On-Chain Transaction Volume Soars, New Wallet Creation Hits 10-Month High

Bitcoin on-chain transaction volume surged in the past week, with the number of new wallets reaching 2.27 million, marking the highest level in the past year. The number of active wallets also reached 751,000, setting a new record for the highest level in 10 months. The security crisis triggered by the Coldcard wallet incident prompted users to transfer funds and create new wallets, leading to a significant increase in wallet creation and activity. Such events typically elicit strong on-chain reactions for Bitcoin and altcoins, with alternating feelings of fear and greed prompting more trading and position adjustments. After a period of market stagnation, the rekindling of this demand could have a positive impact on prices. Large holders are accumulating amidst the chaos, and combined with the increase in usage, this has historically had a positive effect on price trends in the coming weeks or even months.

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