Analysis: Bitcoin Non-Empty Wallets Drop ~108,700 Since Oct 16 as Retail Selling Sentiment Heats Up

Nov 10: Santiment posted that the number of non-empty Bitcoin wallets reached 59.99 million on October 16, approaching the 60 million mark, but has since fallen by about 108,700 as the price dropped below $75,000, indicating retail investors are losing patience. A decline in wallet count does not automatically mean Bitcoin's utility is shrinking. In prolonged downtrends, small traders often consolidate or empty their wallets out of fear, and such retail capitulation has historically often been a necessary factor before major recoveries. If wallet counts keep declining while prices stop falling, the signal would be more bullish. If Bitcoin can hold $74,000–$75,000 while holder numbers decline, it would show rising fear without triggering a new major selloff. Exchange supply has also fallen to about 1.28 million BTC; if Bitcoin reclaims $78,000–$80,000 while retail capitulation continues, it would reinforce the argument that sellers are exhausted and smart traders are accumulating.