Santiment: Decline of 670K Bitcoin Holders Signals Potential Rebound
The post Santiment: Decline of 670K Bitcoin Holders Signals Potential Rebound appeared on BitcoinEthereumNews.com.
Coinspeaker Santiment: Decline of 670K Bitcoin Holders Signals Potential Rebound The number of Bitcoin wallet addresses holding BTC has significantly decreased over the past month, which could indicate a possible market rebound, according to on-chain analytics platform Santiment. On July 18, Santiment reported on X that there had been a reduction of 672,510 Bitcoin holders with a balance of more than zero BTC. Potential for Market Rebound Santiment suggested that some traders might think that the market peak in March was the highest point for 2024. However, the analytics firm noted that large sell-offs are often followed by market recoveries. “When we observe such mass liquidations, the likelihood of a rebound increases,” Santiment stated. 👋 Bitcoin’s amount of holders (any wallets with >0 coins) have been dropping aggressively as traders still seem to believe the March ATH was as good as it’s going to get in 2024. When we see mass liquidations like this, the probability of a continued rebound only increases. pic.twitter.com/YTHEFTtfhY — Santiment (@santimentfeed) July 17, 2024 This trend follows a downtrend since Bitcoin last reached over $70,000 in early June. Although Bitcoin prices have recovered to around $65,000 recently, the number of BTC holders has not shown a significant rebound yet, which typically follows spot market recoveries by several weeks. Market Metrics and Institutional Activity Glassnode data shows that at the current price, 89.43% of Bitcoin’s supply is in profit, down by 6.5% from mid-June when BTC was near $70,000. However, other indicators suggest a positive outlook. CryptoQuant founder Ki Young Ju pointed out that over-the-counter (OTC) markets are currently overshadowing centralized exchanges, which indicates strong institutional accumulation. Ju reported that whale wallets, including those holding more than a thousand coins, have added 1.45 million BTC this year, bringing their total to 1.8 million BTC, about 9%…
Filed under: News - @ July 18, 2024 11:20 am