Bitcoin Bottom May Be Near as 30,000 Wallets Disappear: Santiment

Retail Behavior Offers a Historical Comparison

An earlier contraction in smaller-holder groups preceded bitcoin’s recovery above $85K, providing a comparison for Santiment’s latest interpretation. Its September assessment identified 69,494 addresses leaving two balance groups during July and August. Those groups held between 0.1 and 1 $BTC and between 1 and 10 $BTC, respectively. Departures could reflect selling, consolidation, or movements outside those ranges.

Address balances change when coins move, so the number of funded addresses differs from the number of individual investors. Transaction inputs and outputs reassign coins, with change often returning to another address controlled by the sender. One investor can control multiple addresses, and an emptied address can receive funds again.

By early October, the firm’s analysis described an obstacle: small holders were continuing to accumulate despite falling prices. Santiment’s Oct. 9 assessment found wallets holding 10 to 10K $BTC had added more than 85K $BTC over roughly three weeks. Meanwhile, wallets holding less than 0.01 $BTC had continued increasing, which the firm viewed as an impediment to a stronger recovery.

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