The trend could suggest investors aren’t confident enough to come back into the market yet, which only increases the chances for a rebound, says the analytics firm.
The number of Bitcoin wallet addresses holding BTC has been falling over the past month. However, according to Santiment, this could be good news for investors.
On July 18, the onchain analytics firm reported on X that the number of Bitcoin (BTC) addresses holding a balance of more than zero has decreased by 672,510 over the past month.
Santiment suggested traders may be thinking that the March all-time high “was as good as it’s going to get in 2024.” However, there was a silver lining as there is usually a rebound following the selloff, it added.
