Bitcoin Price Surges to $104K as New Wallet Registrations Soar

Bitcoin’s price recently spiked to $104,000, fueled by a record number of new wallet registrations, totalling over 344,000 in one day. The surge in interest coincided with a dramatic increase in network activity and significant capital inflows into Bitcoin ETFs. Additionally, many short positions were liquidated, intensifying the rally, with Bitcoin’s market cap now surpassing Amazon’s.

Bitcoin has surged recently, hitting a price of $104,000, marking its strongest climb in months. This rally, notable over the past three days, began on May 6 after a rather quiet start to the month. The digital currency jumped from approximately $94,000 to over $103,890, and currently stands at around $103,114 as of Friday, May 9.

The sharp rise in Bitcoin’s value coincided with an unprecedented influx of new wallet registrations, with the figure reaching a remarkable 344,620 on May 8. This number represents the highest daily total recorded in 2025 so far. It seems that fresh interest, especially from relatively inexperienced investors, is starting to drive the market. As Bitcoin began climbing on May 4, the trend of new wallet creation gained momentum.

Recent on-chain metrics from Santiment reveal significant increases in network activity. Specifically, new wallet addresses surged by 8.13%, active users saw an uptick of 8.79%, and previously inactive zero-balance wallets became active, recording an 11.35% rise just over the past week. This heightened activity typically indicates that more individuals are entering the market, often after a period of inactivity.

As Bitcoin’s value trended upwards, the network saw increased participation from both fresh investors and those returning to the ecosystem. The activity spiked notably as Bitcoin punched through the $103,000 mark, suggesting that many users are now funding their wallets and diving back into trading after a lull.

Adding to this fascinating dynamic, many traders betting against Bitcoin faced heavy losses. Data from Coinglass indicates that about $343.99 million in derivatives positions were liquidated within a mere 24 hours—a staggering $320.96 million of those losses coming from short positions. Such short squeezes often occur when rising prices mean short sellers are compelled to buy Bitcoin quickly to minimise their losses, thus pushing prices even higher.

Furthermore, Bitcoin ETFs saw significant inflows amidst this price boost. Farside Investors report that $142.3 million entered these funds on May 7 alone. Notable contributions included $54 million for ARK 21Shares, $39 million from Fidelity, and $37 million from BlackRock. The following day, IBIT reported an additional $69 million inflow.

With Bitcoin’s surge pushing its market capitalisation above that of Amazon—now approximately $2.040 trillion—it’s now positioned as the fifth largest asset globally, trailing behind Gold, Microsoft, Apple, and NVIDIA, according to SoSoValue. This rising trend signifies a critical moment for the cryptocurrency landscape as more mainstream investors engage with Bitcoin.