spot_imgspot_imgspot_img

Bitcoin Wallet Numbers Experience Significant Drop: Latest On-Chain Report!

  • The world’s largest cryptocurrency, Bitcoin, faced strong selling pressure earlier this week as the BTC price dropped below $40,000.
  • On-chain data provider Santiment reported a notable decrease in the total number of Bitcoin wallets.
  • Investors are anxiously watching Bitcoin price movements for insights into the future. Currently, BTC is trading at $40,600, showing a 1.6% increase.

With Bitcoin price starting to succumb to selling pressure on Monday, significant movements were observed in on-chain data.

Drop in Bitcoin Wallet Numbers

Bitcoin-BTC

The world’s largest cryptocurrency, Bitcoin, faced strong selling pressure earlier this week as the BTC price dropped below $40,000. Amid the current selling pressure, there is a significant liquidation happening in small Bitcoin wallets.

On-chain data provider Santiment reported a notable decrease in the total number of Bitcoin wallets, marking the fastest decline since the beginning of October, just before the start of the major crypto bull cycle. This trend indicates a similar level of impatience among investors.

In the past four days alone, more than 487,000 wallets holding 1 BTC or less each were liquidated. Historical patterns suggest that such rapid drops in wallet numbers are often associated with capitulation, a stage that could precede a surge in market prices.

This trend may persist until smaller traders regain confidence in cryptocurrency as a reliable investment vehicle. The recent disappointment in market performance following the approval of eleven ETFs in the last two weeks is considered a significant factor contributing to wallet liquidations.

Santiment suggests that these developments may be a sign of a shift in sentiment among small traders, indicating that the market is preparing for potential adjustments.

What to Expect for Bitcoin?

Investors are closely watching Bitcoin price movements for insights into the future. Currently, BTC is trading at $40,600, showing a 1.6% increase with a market value of $786 billion. However, analysts warn of the possibility of another 15-20% drop in BTC price, cautioning that in such a scenario, Bitcoin’s price could likely fall another 15-20%.

In a recent assessment, a crypto analyst issues a warning that short-term BTC holders may face losses if Bitcoin’s price drops below $38,130. He emphasizes that this potential decline in Bitcoin’s value signals the crypto community and underscores the importance of monitoring Bitcoin’s price movements and being prepared for potential market reactions.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news

spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin Profitability Soars to 97%, Highest in Over Two Years

Bitcoin's remarkable price surge has propelled the majority of BTC addresses into a profit zone not seen in over two years, highlighting the cryptocurrency's strong market performance and promising future.

Morgan Stanley Eyes Bitcoin ETFs for Indirect Crypto Exposure

Morgan Stanley's recent SEC filing to gain Bitcoin exposure through ETFs marks a significant step towards integrating cryptocurrencies into traditional investment portfolios, potentially boosting the adoption and price of Bitcoin.

Bitcoin ETF Surge: BlackRock and Fidelity Lead with 79% of Inflows into the ‘Newborn Nine’

This article delves into the explosive growth of Bitcoin ETFs, highlighting the market dominance of BlackRock and Fidelity, the impact of fee reductions among competitors, and the broader implications for the cryptocurrency investment landscape.

Bitcoin, The 21st Century’s Berkshire Hathaway, Says SkyBridge’s Scaramucci

In a bold statement, Anthony Scaramucci of SkyBridge Capital compares Bitcoin to Berkshire Hathaway, suggesting that the cryptocurrency holds significant long-term value and wealth generation potential akin to the conglomerate led by Warren Buffett.

XRP Token Burning Hits Record High as Prices Surge!

In an intriguing development, the XRP Ledger has experienced an abnormal spike in token burning, coinciding with a robust rally in XRP prices, reflecting heightened activity and interest in the cryptocurrency.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Celal Mutlu
Celal Mutluhttps://coinotag.com/
Celal Mutlu is a young Satoshi reflection at the age of 21. His favorite characters are CZ and Vitalik, and he has a great sense of humor. Celal is a keen follower of developments in the world of cryptocurrency and keeps up with the latest news and trends.
spot_imgspot_imgspot_imgspot_img

Bitcoin Profitability Soars to 97%, Highest in Over Two Years

Bitcoin's remarkable price surge has propelled the majority of BTC addresses into a profit zone not seen in over two years, highlighting the cryptocurrency's strong market performance and promising future.

Morgan Stanley Eyes Bitcoin ETFs for Indirect Crypto Exposure

Morgan Stanley's recent SEC filing to gain Bitcoin exposure through ETFs marks a significant step towards integrating cryptocurrencies into traditional investment portfolios, potentially boosting the adoption and price of Bitcoin.

Bitcoin ETF Surge: BlackRock and Fidelity Lead with 79% of Inflows into the ‘Newborn Nine’

This article delves into the explosive growth of Bitcoin ETFs, highlighting the market dominance of BlackRock and Fidelity, the impact of fee reductions among competitors, and the broader implications for the cryptocurrency investment landscape.