Coindoo - 5/5/2026 7:00:50 AM - GMT (+0 )
- 5 May 2026
- |
- 10:00
Bitcoin is trading at $80,800 on May 5 as on-chain data shows record monthly realized profits alongside the lowest network activity in two years.
- BTC at $80,800, after crossing $81,000 on May 5
- Net realized profits: +$207.56M Sunday.
- Daily active addresses: 531K.
- New wallets created daily: 203K.
- Price rose 22% in five weeks on 2-year low participation.
- All three MAs below price: 50 at $79,467, 100 at $78,803, 200 at $77,782.
- RSI: 63.46 – building momentum, not overbought.
- Confirmation signal: network activity rising while price holds above $80K.
Bitcoin crossed $80,000 for the first time in three months on May 4 and is holding above that level on May 5 at $80,824. The price briefly touched $81,016 during the session before pulling back to current levels. The move above $81K and the subsequent hold above $80K describes a market absorbing selling pressure at successively higher levels rather than rejecting them.
Two Santiment datasets measured the same move and reached opposite conclusions about what it means.
The first dataset shows net realized profits hitting +$207.56M on Sunday, the highest reading in a month. When profit-takers sell into a rising price and the price keeps rising, demand is absorbing the selling. That is a bullish signal. The market passed a stress test.
The second dataset shows daily active addresses at 531K and new Bitcoin wallets created daily at 203K, both at 2-year lows. Bitcoin rose 22% in five weeks on the thinnest network participation since 2024. That is a warning signal. The move happened without broad adoption.
Both readings are accurate. They are describing the same price move from different angles. The contradiction between them is the article.
Why $207M in Profit-Taking at $80K Is a Bullish SignalThe bullish reading follows directly from the arithmetic. Net realized profit of +$207.56M means holders who bought Bitcoin at lower prices moved their coins on Sunday as Bitcoin crossed $80K. The difference between what they paid and what the coins are worth now is realized profit. The total across the network on Sunday was $207.56 million.
For $207.56M in selling to occur while price broke to a monthly high, an equivalent amount of buying had to absorb it. Someone bought every coin those profit-takers sold. At $80K. That is not a market running out of demand. That is a market where demand is strong enough to absorb hundreds of millions in profit-taking without flinching.
The second bullish dimension is the cost basis reset. When profit-takers sell at $80K, those coins transfer to new buyers at $80K. Those new buyers are unlikely to panic-sell at $79K. The network average cost basis rises and the support floor under the price strengthens. A market where coins are redistributed at higher prices has a stronger foundation than one where old holders sit on large unrealized gains that could be sold at any moment.
The third dimension is proportion. This is a monthly high in realized profits, not an all-time high. The chart shows Bitcoin has survived and continued higher after similar profit-taking spikes throughout the past month. A moderate profit-taking event that price absorbs without reversing is a sign of resilience.
Two Datasets That Show Where Crypto Attention Went in the Past Week
531K daily active addresses and 203K new wallets created per day are 2-year lows. During the 2024-2025 peaks, daily active addresses and new wallet creation reached levels significantly above current readings. The current numbers are not a minor decline. They are at the bottom of a two-year range.
The warning reading is straightforward. When prices rise 22% over five weeks but network participation falls to 2-year lows, the price move is narrow. A small group of existing large holders is driving price higher without attracting new participants. That is a structurally fragile condition. If the large holders who drove the move decide to take profits, there may not be enough fresh demand from new users to absorb the selling.
Per Santiment’s historical data, price increases that are not supported by growing on-chain participation tend to be fragile.
The Contradiction That Both Datasets DescribeReading both datasets together produces a question neither source asks. How does a market absorb $207M in realized profit selling with only 531K active addresses at a 2-year low? The arithmetic implies that the buyers absorbing the profit-taking are not new retail users creating fresh wallets. They are existing large holders adding to positions at $80K.
Large holders are on both sides of the trade simultaneously. Some are taking profits at $80K. Others are buying those same coins at $80K. The price holds because the buyers are as committed as the sellers. Retail is not in this trade yet.
That structure is not bearish. But it is temporary. A market driven entirely by large holders trading among themselves has a ceiling. The moment the buyers among them become sellers too, there is no new demand layer beneath to catch the price. The arrival of retail, visible in rising daily active addresses and new wallet creation, is what converts the current structure from a large-holder trade into a broad market move.
The paradox Santiment names is real. If Bitcoin reached $80K with 531K active addresses, imagine what happens when that number climbs back toward the 100K new wallet levels seen during the 2024-2025 peaks. The upside scenario requires retail to arrive. The current data says retail has not arrived yet.
Clean Technical Structure, One Missing IngredientThe price chart on May 5 shows a clean technical structure. BTC at $80,824 is above all three moving averages: the 50-MA at $79,467, the 100-MA at $78,803, and the 200-MA at $77,782. The RSI reads 63.46, building momentum without being overbought. There is technical room to move higher without hitting a resistance condition from the indicators themselves.
The technical picture and the on-chain picture are not in conflict. They are describing different timeframes. Technically the setup supports continuation. On-chain, the participation required for sustained continuation has not yet materialized.
The confirmation signal is daily active addresses rising above 600K while price holds above $80K. That combination, technical strength plus rising participation, would confirm the narrow large-holder move is broadening into something more durable.
The denial signal is price losing the 50-MA at $79,467 while active addresses remain at or below current levels. That outcome would confirm the large-holder trade has run its course without attracting the retail demand needed to sustain the level.
Bitcoin is at $80,824. The realized profit data says the level is holding. The network activity data says it is holding on a narrow base. Both are right. The question is which condition changes first.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
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Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
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