According to Milk Road, while many traders focused solely on cryptocurrency price movements in May 2025, the real story was revealed in underlying on-chain metrics such as surging transaction volumes, increased DeFi protocol activity, and notable shifts in wallet accumulation (source: Milk Road, June 2, 2025). These trends suggest foundational strength and potential bullish momentum for major cryptocurrencies, highlighting the importance of tracking on-chain analytics for informed trading strategies.