Bitcoin Surpasses $81,000 Without Retail Investors... "Only a Select Few Are Printing Money"

▲ Bitcoin (BTC) price surge/AI-generated image

Bitcoin (BTC) has surged 6% in May, fueling growing market interest in its potential for a strong breakthrough. Despite the price recovery, network activity remains near its lowest level in two years, leading to differing interpretations of whether this rally is driven by a narrow group of participants or a quiet accumulation phase.

Benzinga reported on May 5 that Bitcoin has surpassed $81,000, suggesting the possibility of a sharp upward breakout. Cryptocurrency analyst Taiki Maeda said in a May 4 podcast that Bitcoin may have already formed a market bottom and could enter a "green candle therapy" phase, a rapid price surge that turns market sentiment bullish.

Maeda analyzed that many early sellers have left the market, and investor sentiment remains cautious even as prices maintain a relatively stable level. He explained that a structure where prices begin to recover while fear persists often appears in the early stages of a broader upward trend.

Maeda pointed out that the traditional 4-year halving cycle analysis is overly simplistic. He stated that he prefers an approach focused on capital movement and the flow of remaining market participants. Institutional buyers are gradually entering the market, and many participants who had previously anticipated a bullish trend have already capitulated, he analyzed.

However, unlike the price increase, Bitcoin network activity has slowed down. According to Santiment data, Bitcoin network activity remains near its lowest level in the past two years. Daily transactions totaled approximately 531,000, and new wallet creations were around 203,000, with both metrics significantly below previous cycle levels.

Benzinga noted that the recent rally is proceeding without broad participation from individual investors. On one hand, some interpret it as a narrow-range increase led by a few market participants, raising the possibility of a fragile rally. On the other hand, others view it as a quiet accumulation phase that occurs before broader market participation returns, after long-term holders and institutional investors have absorbed the supply.

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