Bitcoin Price Hits $104K as New Wallet Addresses Flood the Market

By: crypto news|2025/05/09 23:45:04

Bitcoin price experienced its strongest rally in months in the last 3 days as new wallet registration and investors poured in. The digital assets started bouncing back on May 6 after a quiet start on the month. It went from $94,000 to surged past $103,890 today.At press time, Bitcoin price is at $103,114 on Friday, May 9. The surge came with a record-setting 344,620 new wallets created on May 8, which is the highest single-day total of 2025 so far.BTCUSD Price Chart | Source: CoinGeckoThe spike in wallets began on May 4 as Bitcoin started climbing. New wallets are often a sign that more everyday people are joining the action. On-chain data from Santiment showed Bitcoin network activity increasing across several metrics. New addresses went up by 8.13%, active users by 8.79%, and zero-balance wallets becoming active jumped by 11.35% in the past week.Bitcoin sees 344k fresh wallet addresses | Source: x.com/santimentfeedAs the price moved higher, Bitcoin’s network became busier with both new and returning users. Activity picked up sharply as prices crossed $103,000. This kind of trend means more people are funding wallets and jumping into the market. Many had been inactive before the rally began.In the background, a wave of liquidations hit traders betting against Bitcoin. Coinglass data shows that $343.99 million in derivatives positions were wiped out within 24 hours, $320.96 million of that from shorts. A short squeeze happens when prices rise and force short sellers to exit fast, often by buying Bitcoin themselves, which drives prices up more.Meanwhile, spot Bitcoin ETFs attracted strong inflows. According to Farside Investors, a total of $142.3 million flowed into funds on May 7. ARK 21Shares saw $54 million, Fidelity brought in $39 million, and BlackRock added $37 million. On May 8, IBIT led with $69 million more.BTCETH Flows from May 6th |Source: Farside InvestorAs prices soared, Bitcoin’s market cap rose above Amazon’s, reaching $2.040 trillion, based on data from SoSoValue. It now ranks fifth among global assets, just behind Gold, Microsoft, Apple, and NVIDIA, according to SosoValue.Also Read: Hayes: Bitcoin to Hit $1M by 2028 as U.S.-China Deal Falters

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