PANews reported on May 6th that, according to data from Santiment Intelligence, Bitcoin on-chain activity has fallen to a two-year low, with an average of approximately 531,000 active wallets and 203,000 new wallets per day. This data is significantly out of sync with Bitcoin's breakthrough of $80,000 (the first time in three months). Santiment points out that price increases should typically attract more users and on-chain activity, but the current price surge is driven by a smaller number of participants rather than a widespread influx of new and returning users. Price increases lacking on-chain participation are often fragile, and when large holders take profits, there may be insufficient new demand to take over. Historically, bottoms in network activity often mark the end of a lull, and once retail investor interest returns, prices may have more room to rise.