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

▲ Bitcoin (BTC) surge / AI-generated image

Bitcoin (BTC) has risen by 6% in May, increasing market interest surrounding a strong potential breakout. Despite the price recovery, network activity remains at its lowest level in two years, leading to differing interpretations of whether this surge is a rally driven by a narrow group of participants or a quiet accumulation phase.

Benzinga reported on May 5 that Bitcoin has surpassed $81,000, fueling discussions about a rapid upward breakout. Cryptocurrency analyst Taiki Maeda stated in a May 4 podcast that Bitcoin might have already formed a market bottom and could be entering a “green candle therapy” phase, a period of rapid price increase that shifts market sentiment to 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 uptrend.

Maeda pointed out that traditional four-year halving cycle analysis is overly simplistic. He stated that he prefers an approach that focuses on capital flows and the flow of remaining market participants. He analyzed that institutional buyers are gradually entering the market, and many participants who previously anticipated a strong rally have already capitulated.

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

Benzinga noted that the recent rally is occurring without broad participation from retail investors. On one hand, some interpret it as a narrow rally 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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