Bitcoin Retail Traders Start Giving Up as BTC Loses 109K Wallets

Bitcoin retail traders are starting to give up as on-chain analytics firm Santiment reports that the number of non-empty BTC wallets has fallen by about 108,700 since October 16.

The big question is whether falling retail confidence will push Bitcoin lower, especially as BTC struggles to reclaim $80,000.

Bitcoin Loses 109K Wallets as Retail Confidence Drops

Bitcoin’s number of non-empty wallets reached nearly 60 million last month. Since then, the count has fallen by around 108,700 to 59.88 million. During the same period, Bitcoin’s price has also dropped from $84,890 to around $74,547, showing how much the market has weakened. 

Santiment says the decline in wallet numbers shows that some retail holders are losing patience after weeks of falling prices. 

This matters because smaller wallets holding less than 0.1 BTC account for around 5% to 7% of Bitcoin’s total circulating supply.

The weakness is also showing up in Bitcoin demand. 

The Coinbase Premium Index remained negative, with the supplied chart showing a reading of -0.1468% on November 10, pointing to weak relative demand on the US exchange.

Why Retail Traders Are Giving Up on BTC

As of now, Bitcoin is facing pressure from several sides. Since late October, the drop in AI stocks has added to market worries, while Bitcoin ETFs have seen millions of dollars in outflows.