Bitcoin’s Meteoric Rise: 344K New Wallets Signal Retail Frenzy as Price Eyes $188K
Bitcoin’s network activity has surged dramatically, with 344,620 new wallets created in a single day—the highest retail participation since January 2025. This frenzy coincides with BTC breaking the $103,800 barrier, a level not seen in five months, as both institutional and retail investors pile in. Technical projections now suggest ambitious price targets of $108K, $145.5K, and even $188K, mirroring the 17-day growth cycle observed in Q1 2024. With bullish momentum building, the cryptocurrency market is bracing for a potential historic rally.
Bitcoin Wallets Surge by 344K as Price Targets $188K in Six-Month Rally
Bitcoin’s network activity exploded with 344,620 new wallets created in a single day, marking the strongest retail participation wave since January. The surge coincides with BTC’s breach of $103,800—a level not seen in five months—as institutional and retail FOMO converges.
Technical projections now point to successive targets at $108K, $145.5K, and $188K, with the 17-day growth cycle from Q1 2024 repeating. Santiment data confirms altcoins are primed to follow Bitcoin’s lead, mirroring previous bull market patterns where ethereum and major altcoins outperformed after BTC’s initial surge.
Taiwan Lawmaker Advocates for Bitcoin in National Reserves
Taiwanese legislator Ko Ju-Chun has proposed integrating Bitcoin into the nation’s strategic reserve assets, suggesting an allocation of up to 5% of its $50 billion reserves. The move aims to diversify holdings beyond traditional assets like gold and foreign currency, leveraging Bitcoin’s potential as a hedge against economic volatility.
Ko emphasized Bitcoin’s role in enhancing financial resilience, signaling a shift toward crypto adoption in sovereign wealth strategies. The proposal reflects growing institutional interest in digital assets as macroeconomic safeguards.
Bitcoin’s $100K Breakout Mirrors Global M2 Money Supply Growth with 90-Day Lag
Bitcoin surged past $100,000 this week, peaking at $104,000 on May 8, as traders revived analysis of its correlation with the global M2 money supply. The 90-day lagged chart—first popularized during Bitcoin’s 2021 bull run—shows price action tracking liquidity injections with eerie precision.
Julien Bittel of Global Macro Investor reaffirmed the pattern: "The M2 chart still tells the same story: We’re going higher." CryptoSlate noted the relationship remains elastic, with bitcoin acting as a liquidity sponge during expansionary cycles rather than responding to isolated macroeconomic events.
Over $1 Billion in Stablecoins Flood Binance—Major Bull Run Brewing?
Binance, the world’s largest cryptocurrency exchange by trading volume, recorded a staggering $1 billion stablecoin inflow on May 6—the largest single-day surge since April. This liquidity injection coincides with a 3.5% monthly expansion in total stablecoin supply, now standing at $242.2 billion.
Historical patterns suggest such capital movements often precede Bitcoin rallies. The flagship cryptocurrency breached $99,000 on May 8, three days after Darkfrost, a CryptoQuant analyst, flagged accumulating exchange reserves. Traders typically park stablecoins on exchanges when positioning for imminent crypto purchases.
While the market shows bullish technicals, regulatory headwinds persist. Delays in passing the GENIUS Act—proposed legislation governing stablecoin issuance—continue deterring institutional participation. The regulatory limbo may suppress upside potential despite favorable on-chain metrics.
Rumble to Launch Non-Custodial Bitcoin Wallet in Q3, Challenging Coinbase
Rumble, the video-sharing platform known for its support of alternative media, is set to launch a non-custodial Bitcoin wallet by the third quarter of this year. CEO Chris Pavlovski announced the development on May 9, positioning the wallet as a tool tailored for creators and a direct competitor to Coinbase.
The wallet, developed in partnership with stablecoin issuer Tether, aims to become a leading solution for Bitcoin and stablecoin storage while enhancing monetization opportunities for content creators. Pavlovski emphasized Rumble’s ambition to dominate the non-custodial wallet space, stating, "Rumble Wallet, in partnership with Tether, will directly compete with Coinbase."
The MOVE signals Rumble’s strategic push into the cryptocurrency sector, leveraging its existing platform to integrate financial tools for creators. The wallet’s launch could disrupt the current market dynamics, offering a decentralized alternative to established custodial services.
