Bitcoin Breaks $94,000 On-Chain Data Reveals Market Trends

The price of Bitcoin has once again突破 the $94,000 mark, driving a widespread rally across the entire cryptocurrency market. Behind this wave of行情, has the on-chain data already released bullish signals? By analyzing key indicators such as trading volume, user behavior, and coin distribution, we can gain deep insights into the current market trends from the underlying logic.

Trading Activity Analysis

According to statistics from a data platform, the total trading volume across the network reached 39.9 billion USD in the past 24 hours, with over 7.2 million transactions and 3.03 million unique addresses participating in the trades, involving 13,800 types of tokens. Since July 2023, the trading volume has continuously risen from a low of 2M to 10M, especially accelerating after April 2024, indicating a significant increase in market liquidity. Although there was a sharp decline in on-chain transaction numbers in March this year, the overall trend shows a short-term upward movement.

Changes in Trader Structure

The trader trend chart shows that the number of on-chain traders has fluctuated since 2023. In October 2023, the number of traders briefly fell below 2M, but quickly rebounded to 8M in the second half of 2024, maintaining a relatively high point in January 2025. This change aligns closely with the market cycle's "recovery-explosion" phase. It is noteworthy that the growth in the number of traders is not linear, with short-term pullbacks occurring in the middle of each quarter (such as May and August). The chart also reflects the phased impact of significant news on the sentiment of institutional investors and retail investors. However, the current 3.03M daily active traders are still at a relatively low point, only one-third of the peak period, requiring further observation.

Distribution of on-chain token holdings

Among active traders, wallet addresses can be further classified based on the amount of holdings. Currently, there are 1,052 "whale" wallets holding over $100 million in assets, while retail wallets (holding less than $10,000) number around 214 million, but the total holding amount is far lower than that of the whales. This "80/20 split" phenomenon is very typical in financial markets — whales often enter the market first to accumulate assets, followed by smaller funds pushing up asset prices. It is worth noting that the number of "mid-sized players" holding between $1 million and $10 million and "small players" holding between $10,000 and $100,000 also provides important support for market liquidity.

Token Ecology Analysis

Data shows that on-chain transactions on the Polygon blockchain remain at a relatively stable level, with a daily trading volume of about 4K. Notably, according to on-chain data from Ethereum, there has been a significant decline in on-chain activity on Ethereum since the beginning of 2025, while price reactions have been relatively lagging. With the launch of more Layer 1 public blockchains, the decline in activity within the Ethereum ecosystem may reshape the market landscape.

Summary

Despite the price of Bitcoin returning to $90,000 and many other cryptocurrencies experiencing substantial gains, the current on-chain transaction volume in the market has not yet returned to a relatively active level. With new policies and regulations emerging in 2025, the structure of on-chain traders is showing a trend towards greater diversification, with whales and retail investors both being active. Even in the face of emerging hotspots and sectors, investors still need to closely monitor the marginal changes in data, remain rational when market enthusiasm is high, and pay attention to tracking the movements of large funds to avoid the short-term selling pressure risk that may arise from the high concentration of capital.