Bitcoin is experiencing a decline in non-empty wallets, a trend not observed in other prominent blockchains like XRP and Ethereum. This drop, attributed to smaller players exiting the market, coincides with underperforming Bitcoin ETFs and stagnant price action below the $100,000 mark. The emergence of Bitcoin ETFs, allowing for off-chain netting of transactions, is considered a contributing factor to the reduced on-chain activity.
, XRP continues to see its network grow with more wallets. The same applies to Ethereum, the second most popular blockchain network.
However, this is not the case for Bitcoin. In fact, it now has 277,240 fewer nonempty wallets compared to three weeks ago.New Fed Rate Prediction by Peter Schiff May Stun Bitcoin Bulls With Bearish Reality According to Kuiper, a lot of activity that previously had to happen on-chain to move Bitcoin between various parties can now happen off-chain given that ETFs can net transactions out. This is also the key reason why Bitcoin's mempool remainsThis most recent decline recorded by Santiment has been attributed to smaller players dropping out of the market.
"Historically, these declines in retail belief are a positive sign for mid to long-term price performances," the firm said.Bitcoin is stuck below the $100,000 level, currently trading at $96,008, according to CoinGecko data. The top cryptocurrency recently dipped due to underwhelming U.S.The anemic price action has been accompanied by the underperformance of Bitcoin ETFs. On Wednesday, these products logged a total of $251 million worth of outflows.
BITCOIN WALLETS Etfs PRICE STAGNATION RETAIL INVESTORS
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