Decrease of 30,000 Bitcoin Wallets to 59.95 Million

The number of Bitcoin wallets with a balance has decreased by about 30,000 since October 16, reaching nearly 59.95 million wallets. This decline may indicate a reduction in user participation, but Santiment considers it a counter-market signal that could be associated with the exit of retail traders and approaching a local bottom. Bitcoin has been trying to maintain the $80,000 range in recent weeks, and this stagnation may have discouraged some retail traders. Santiment states that the exit of less patient investors sometimes creates better conditions for price recovery. On the side of large investors, U.S. spot Bitcoin ETFs recorded an inflow of $110.34 million on Monday, although the net flow for October remains over $200 million negative. Additionally, Strive increased its holdings to about 43,000 Bitcoins by purchasing 6,182 BTC worth $511.4 million. The decrease in wallets may indicate the capitulation of retail traders, but it does not alone confirm that Bitcoin has reached its bottom.

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