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Bitcoin wallet addresses have recently decreased, sparking significant debate in the cryptocurrency world. According to Santiment’s data, the drop in 672,510 Bitcoin addresses with non-zero balances may indicate a lack of investor confidence. However, Santiment notes that such mass liquidations often precede a market recovery, increasing the likelihood of a rebound.
Decrease in Bitcoin Holders
Bitcoin prices reached $70,000 in June but have been declining since then. Despite a recent recovery to $65,000, the number of Bitcoin holders has not correspondingly increased. Historical data shows changes in the number of BTC holders lag behind spot market movements by a few weeks, so a delayed response is still possible.
Current data shows the percentage of Bitcoin supply in profit has dropped to 89.43%, a 6.5% decrease since mid-June when prices were around $70,000. This metric reflects overall market sentiment and the profitability of Bitcoin investments. Despite the current decline, other indicators paint a more optimistic picture.
Institutional Investments and Whale Wallets
CryptoQuant’s founder Ki Young Ju emphasized that over-the-counter (OTC) markets are more active than central exchanges, often indicating institutional accumulation. Whale wallets holding over a thousand coins have significantly increased their assets this year. These large holders, including spot ETFs and custody wallets, added 1.45 million BTC, reaching a total of 1.8 million BTC. This accumulation trend shows institutional investors positioning themselves for future gains.
Ki Young Ju noted that weekly inflows into whale assets have increased compared to previous years. In 2021, these wallets received about 70,000 BTC throughout the year, whereas now the weekly inflow has reached approximately 100,000 BTC. This significant increase indicates strong demand from large-scale investors, which could support higher prices in the future.
Volume on Centralized Crypto Exchanges and Spot Markets
The overall trading volume on centralized crypto exchanges fell by 21.8% in June, marking the third consecutive month of decline.
This drop in trading activity can be attributed to various factors such as market uncertainty and investor caution. Despite this, Bitcoin spot markets have shown resilience, with prices increasing by 12% over the past week. Consequently, BTC is currently trading around $64,657.
