The decrease in Bitcoin wallet addresses has led to important discussions in the cryptocurrency world. According to Santiment data, the decline in the number of Bitcoin addresses with non-zero balances indicates a decrease in investor confidence. However, it is also stated that such mass liquidations usually occur before the market recovery and increase the likelihood of recovery.
Bitcoin prices reached $70,000 in June and then showed a downward trend. Although there has been a recovery in prices, there is no increase in the number of Bitcoin owners. Historical data shows that changes among BTC holders came several weeks after spot market movements. Therefore, a delayed response is still possible. Current data reveals that the percentage of Bitcoin supply in profit has fallen to 89.43%, a decrease of 6.5% since mid-June. This metric reflects overall market sentiment and the profitability of Bitcoin investments. However, despite the current decline, other indicators paint a more positive picture.
Ki Young Ju, founder of CryptoQuant, emphasized that OTC markets are more active than central exchanges and stated that this shows the increase in institutional savings. Whale wallets holding more than a thousand coins have increased their holdings significantly this year. These major holders totaled 1.8 million BTC, which means they added 1.45 million BTC. This accumulation trend suggests that institutional investors are positioning themselves for future gains.
Ki Young Ju added that weekly inflows into whale assets have increased. While the weekly inflow was approximately 70,000 BTC in 2021, this figure has now increased to 100,000 BTC. This increase indicates continued strong demand from large-scale investors, which could support higher prices in the future.
Trading volume on centralized cryptocurrency exchanges fell by 21.8% in June, marking a third consecutive decline. This decline in trading activity can be attributed to market uncertainty and investor caution. However, Bitcoin spot markets have shown resilience and prices have risen by 12% in the past week. Currently, BTC price is hovering around $64,657.
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