Santiment Sees Bullish Indicator as Non-Empty BTC Wallets Decline by Over 211K

Santiment Data Shows Drop in Non-Empty Bitcoin Wallets

Sign of Fear or Bullish Sentiment?

According to Santiment, the number of non-empty Bitcoin (BTC) wallets has significantly declined in the past three weeks. This drop of 211,500 wallets to 54.38 million may indicate a sense of uncertainty among crypto investors.

However, Santiment suggests that such a decline often precedes price increases for BTC. Historical data supports this theory.

Stablecoin Market Fluctuates

The USDC stablecoin also experienced a notable decrease, with 11,600 wallets lost in a day. This decline occurred amidst volatility in the stablecoin market.

Dogecoin Activity on the Rise

In contrast, Dogecoin (DOGE), the popular meme coin, has seen an increase in wallet activity. Over 46,000 new DOGE addresses were created in the past week.

Whales Remain Cautious Amidst Election Uncertainty

The upcoming US presidential election has created market volatility, leading whales to reduce their Bitcoin trading activity. However, Santiment believes this could signal that whales are waiting for retail traders to make their moves before re-entering the market.

Bitcoin Resilient Despite Drawbacks

Despite some recent setbacks, Bitcoin has maintained its strength compared to the broader crypto market. As of writing, it is trading at $68,718, a 3.1% drop over the past week, while the overall market has fallen by 6.2%.