Bitcoin Wallets ‘Drop’, Telegram Wallets Rise, and Both Are Nothingburgers

Onchain analysts at Santiment spotted that the number of nonempty BTC wallets reached 59.99 million on Oct. 16 before falling by less than 0.2% by Nov. 10. Santiment labeled this change as “retail is giving up,” but added that this “does not automatically mean bitcoin’s utility is shrinking,” and that it might even be a positive sign. “During long declines, smaller traders often consolidate or empty wallets as fear grows. That type of retail capitulation has historically been a necessary ingredient before many major crypto recoveries,” the analysts further noted, adding that “this signal becomes more bullish if wallet losses continue while price stops falling.” As Bitcoin.com News reported on Oct.

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