Bitcoin’s on-chain activity has surged to levels last seen in December, potentially signaling a major shift in market sentiment.
Data from Glassnode shows that active Bitcoin addresses soared past 912,300 on February 28, marking a three-month high.
According to crypto analytics firm IntoTheBlock, this spike in network activity could indicate a critical market moment, as historical patterns suggest that sharp increases in on-chain transactions often coincide with major price tops and bottoms.
The firm noted that while no single metric guarantees a reversal, the trend suggests Bitcoin may be nearing a crucial turning point.
In market terms, capitulation occurs when widespread panic selling drives prices down sharply before setting the stage for a rebound. And without any delay, the crypto market surged and it appears that bullish reversal is already happening.
The price of Bitcoin just rebounded to over $94,000 after Donald Trump announced the creation of a national crypto reserve, with BTC being at the center of it.
U.S. spot Bitcoin exchange-traded funds (ETFs) continued their strong run on Thursday, logging a fifth consecutive day of net inflows as institutional interest in regulated BTC products remained firm.
According to Bloomberg’s senior commodity strategist Mike McGlone, Bitcoin (BTC) has outshined the S&P 500 so far in 2025.
Bitcoin (BTC) is currently consolidating within the $93,500–$95,250 range, according to crypto analyst Michaël van de Poppe, who views the current price movement as part of a broader uptrend.
His prediction is rooted in growing instability across traditional financial systems and what he believes is the emergence of the most powerful bull market in history.