TL;DR:
Bitcoin network activity shows a major increase in its transaction volume, achieving numbers that had not been recorded since the 2024 bull market. According to CryptoQuant data analyzed by Finbold on May 12, the daily operations count rose to approximately 831,000.
This rally in protocol utilization has consolidated over the last three days. The trend seems to indicate a possible increase in demand for transfers and trading, driven mainly by the institutional sector. During recent weeks, the asset has followed an upward trajectory that coincides with this deployment of technical activity.
Historically, positive network saturation is linked to periods of market optimism. Following the approval of spot Bitcoin exchange-traded funds (ETFs) in early 2024, the number of transactions increased in proportion to the asset’s value. On this occasion, the level reached is very close to the records established during that period.
Despite the dynamism in the Bitcoin network, the macroeconomic environment in the United States presents challenges for the rally’s continuity. Official reports indicate that inflation exceeded market expectations, with a CPI of 3.8%. This figure represents the highest level since May 2023, data usually interpreted as a downward pressure factor for risk assets.
This market leverage situation, combined with persistent inflation, generates uncertainty about the sustainability of the current price. At the time of writing this information, the price of Bitcoin was near $80,170, after its struggle to overcome a sell barrier established at $82,200.
The legal framework also plays a decisive role in investor sentiment. A markup vote is expected soon for the Clarity Act, a US federal regulation proposal that seeks to legalize and structure digital assets. According to the report’s projections, this regulatory event could trigger a “sell-the-news” scenario, affecting short-term volatility.
The correlation between infrastructure usage and price remains close. If network activity maintains its growth rate, market data suggests that near-term growth could strengthen. Conversely, a decrease in transactional volume in the coming days could lead to additional technical corrections influenced by macroeconomic indicators.
The market remains attentive to the resolution of the Clarity Act and upcoming comments from US regulators, factors that will define the direction of liquidity in the crypto ecosystem during the quarter’s close.
