Bitcoin on chain activity drops to two-year low

According to Santiment Intelligence data, the average daily activity on the Bitcoin chain is about 531000 active wallets and 203000 new wallets, dropping to a two-year low. At the same time, the price of Bitcoin has surpassed $80000, indicating a disconnect between the price increase and on chain activity. Santiment pointed out that the current price increase is driven by smaller scale participants, lacking a widespread influx of new and returning users.