Bitcoin’s network activity is surging, raising intrigue amid a period of price consolidation. Crypto analytics firm Santiment revealed a significant spike in new wallet creation and on-chain volume, sparking debate about potential market direction. 556,830 new Bitcoin wallets were created on May 29th, the highest daily figure since December 2nd, 2023, while 241,360 BTC exchanged hands on June 2nd – a massive single-day transfer volume since December 8th, 2023. This activity appears noteworthy during a period of relative price stagnation. Santiment cautions that this surge is occurring in conjunction with Bitcoin’s consolidation phase, prompting deeper analysis.