Bitcoin Has Lost 30,000 Wallets: Could That Be Good News for BTC?

Bitcoin may be approaching a local bottom as smaller holders continue to leave the market. Since October 16, the number of non-empty wallets has declined by 30,000. Santiment found that the total has fallen to nearly 59.95 million. Local Bottom The decline comes after weeks of limited price movement, as the crypto asset struggles to regain momentum near $80,000. While fewer wallets may raise concerns about network participation, the trend could also reflect growing frustration among retail holders. According to Santiment, this kind of capitulation can create better conditions for a recovery than a sudden rush of buyers chasing a rally. But it is also important to note that the price needs to confirm the signal.

First reported by CryptoPotato. This page is a short excerpt; the full text is theirs.