The number of Bitcoin addresses holding a non-zero balance has declined over the past month, but is only increasing the chances of a rebound, says Santiment.
The trend could suggest investors aren’t confident enough to come back into the market yet, which only increases the chances for a rebound, says the analytics firm.
The number of Bitcoin wallet addresses holding BTC has been falling over the past month. However, according to Santiment, this could be good news for investors.Santiment suggested traders may be thinking that the March all-time high “was as good as it’s going to get in 2024.” However, there was a silver lining as there is usually a rebound following the selloff, it added.The declines have mirrored price action which has been downtrending since BTC last topped $70,000 in early June.
The chart has not shown a rebound despite markets recovering to reclaim $65,000 this week. However, previous increases in BTC holder numbers have lagged spot markets by several weeks.There has been a fall of 6.5% for this metric since mid-June when BTC prices were last around the $70,000 level.He added that whale wallets with more than a thousand coins, including spot ETFs and custodial wallets, added 1.45 million BTC this year bringing the total to 1.
He exclaimed that the weekly total inflow to these whale entities is now higher than the total for 2021. “In 2021, about 70K BTC flowed in over the year; now, it's 100K BTC “weekly.” I repeat. 100K BTC weekly,”Ethereum ETFs will have a bigger impact on ETH price: Bitwise
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