Analysis: Bitcoin non-empty wallet count decreases by approximately 108,700, retail selling may release bullish signals.

November 10 - Santiment posted that the number of non-empty Bitcoin wallets reached 59.99 million on October 16, and has since decreased by approximately 108,700. BTC price has now fallen below $75,000, reflecting that some small holders may be losing patience.

Santiment pointed out that the decline in wallet count does not necessarily mean that Bitcoin's actual usage rate will inevitably shrink. During prolonged market downturns, small traders often merge wallets or liquidate positions out of panic. This type of retail capitulation phenomenon has historically been a characteristic before multiple major crypto market rebounds. If the wallet count continues to decline while BTC price stops falling, this signal will become more bullish.