Bitcoin Bottom May Be Near as 30,000 Wallets Disappear: Santiment
· whale_movements · Sentiment: bearish
Bitcoin on-chain data from Santiment shows approximately 30,000 active Bitcoin wallets have disappeared from the network in recent weeks, a development historically associated with capitulation at market cycle lows. This sharp decline in active addresses signals that weak hands have likely exited, reducing selling pressure. The consensus across reporting indicates this metric often precedes local or major price bottoms, suggesting the current Bitcoin downtrend may be nearing exhaustion. The key implication is that a relief rally or trend reversal could materialize if on-chain accumulation by long-term holders continues.