Record-breaking Bitcoin price soars to $104,000; surge in fresh wallet creations observed in the market.
Rewritten Article:
In the last three days, Bitcoin's price has seen a stunning resurgence, reaching unseen heights this year. The digital coin started gearing up on May 6, and by today, it's soaring past $103,890. As of now, on May 9, it stands at $103,114.
This impressive rally isn't just a brief flash; it's been a steady climb over the past few days, with the coin rising from $94,000. The surge in price has been accompanied by a whopping 344,620 new wallet registrations on May 8, marking the highest single-day total in 2025 so far.
The influx of new wallets began on May 4 as Bitcoin started its ascent. This surge in new wallets usually indicates that more everyday folks are joining the action. Santiment's on-chain data supports this trend, showing a spike in several key metrics. New addresses have risen by 8.13%, active users by 8.79%, and zero-balance wallets becoming active have surged by 11.35% in the past week.
As the price climbed higher, the Bitcoin network became more bustling with both newcomers and veterans. Activity picked up sharply as the coin breached the $103,000 mark, suggesting that many previously inactive investors are jumping into the market.
Meanwhile, the background buzzed with a wave of liquidations hitting traders betting against Bitcoin. Coinglass data reveals that $343.99 million in derivatives positions were liquidated in the last 24 hours, with $320.96 million of that coming from shorts. This is known as a short squeeze, where rising prices force short sellers to exit quickly, often by purchasing Bitcoin themselves, perpetuating the price surge.
On the flip side, Bitcoin ETFs attracted strong inflows. A total of $142.3 million flowed into funds on May 7. ARK 21Shares bagged $54 million, Fidelity pulled in $39 million, and BlackRock added $37 million. May 8 saw IBIT leading the pack with an additional $69 million.
Bitcoin's market cap has surpassed Amazon's, reaching a staggering $2.040 trillion, making it the fifth-largest global asset, just behind Gold, Microsoft, Apple, and NVIDIA, according to SoSoValue.
For more insights, read: Hayes: Bitcoin to Hit $1M by 2028 as U.S.-China Deal Falters
Institutional investment and ETF inflows played a crucial role in this rally, with over $5 billion flowing into Bitcoin through spot ETFs, providing liquidity and boosting investor confidence. This renewed interest from institutions contributed to the surge in Bitcoin's price.
The anticipation of easing trade tensions between the U.S. and China and optimism about potential tariff rollbacks and trade deals fueled the rally. Additionally, the overall risk-on sentiment across markets, driven by hopes of improved global economic conditions and possible macroeconomic stimulus, supported Bitcoin's upward trend.
Regarding new wallet registrations and liquidations, the rally likely attracted new investors, leading to increased wallet registrations. As for liquidations, the rapid price increase may have triggered both long and short liquidations, as traders adjusted their positions in response to the sudden price movements.
- The surge in Bitcoin's price to over $103,000 in the last three days has led to a significant influx of new wallet registrations, reaching a record high of 344,620 on May 8, 2025.
- The steady climb in Bitcoin's price has been accompanied by strong institutional investment and ETF inflows, with over $5 billion flowing into Bitcoin through spot ETFs since the rally began.
- As Bitcoin's price reached new highs, there was a wave of liquidations hitting traders betting against Bitcoin, with $343.99 million in derivatives positions liquidated in the last 24 hours.
- The rush of new wallet registrations and liquidations suggests that more everyday investors are joining the action, as Santiment's on-chain data shows a spike in several key metrics.
- With Bitcoin's market cap surpassing Amazon's at a staggering $2.040 trillion, many predict that this rally could continue, with some analysts forecasting a potential price of $1 million by 2028, as technology, finance, and investing sectors continue to shape the global economic landscape.
