Bitcoin Hits $117K as Network Activity Begins to Rise

Bitcoin's surge to $117K comes with only a modest rise in transaction count, showing investor confidence without heavy selling.

Despite hitting new highs, Bitcoin’s network activity remains below 2023 peaks, suggesting calm holder behavior and long-term conviction.

Ethereum lags in performance with a -11% YTD drop, while Bitcoin gains 24.92%, driven by strong sentiment and reduced sell pressure.

As per analyst AxelAdlerjr's Post on X, Bitcoin has risen 6.01% in the last day and 24.92% so far this year, hitting a new all-time high of $117,947. Over the past two days, the number of daily transactions has increased from 340,000 to 364,000. The 2023–2024 peaks, which varied between 530,000 and 666,000 transactions per day, are still exceeded by this number. No indications of widespread selling are seen, even though transaction volume is lower than in previous cycles.

Transaction Count Rises but Lags Behind 2023 Peaks

Bitcoin was trading close to $20,000 in 2023, but network transactions were still below $300,000. As the price drew closer to $30,000, transactions surged to 530,000 by May. Bitcoin soared past $60,000 as activity continued to rise, reaching a peak of 666,000 in March 2024.

Source: AxelAdlerjr

Following that, even though the price kept growing, the number of transactions fell precipitously. The price of Bitcoin remained between $90,000 and $100,000 in early 2025, and the number of transactions remained below 400,000. In July 2025, the 30-day moving average of the number of transactions indicates a persistent downward trend, even if the asset is trading close to $118,000 itself.

Holders Show Confidence Amid Divergence

According to Axel Adler Jr., the recent uptick in transaction count to 364,000 reflects calm behavior among long-term holders. There are no signs of panic or heavy coin distribution. Hence, this reinforces both fundamental and technical bullish sentiment.

Moreover, this divergence suggests the current rally is not driven by speculative trades but by strong investor conviction. Besides, reduced on-chain activity may reflect the rise of custodial and layer-2 solutions. Consequently, Bitcoin’s valuation has increasingly outpaced direct usage on its base layer.

Ethereum Trails Behind in Recovery

The price of Ethereum is $2,994, up 7% on a daily basis but down 11% so far this year. Bitcoin is leading the market in terms of price action and investor sentiment, while Ethereum is recovering slowly.

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