On-chain data platform Santiment: The number of non-empty Bitcoin wallets has decreased by approximately 108,700

The on-chain data analysis platform Santiment stated that the number of non-empty Bitcoin wallets reached 59.99 million on October 16, and has since decreased by approximately 108,700. Currently, the price of Bitcoin has fallen below $75,000, reflecting that some small holders may be losing patience.

Santiment pointed out that a decrease in the number of wallets does not necessarily mean that the actual usage rate of Bitcoin is shrinking. During prolonged market downturns, small traders often panic and merge wallets or liquidate holdings. This phenomenon of retail surrender has historically been a characteristic before significant rebounds in the crypto market. If the number of wallets continues to decline while the price of Bitcoin stops falling, this signal will become more bullish.