The Net Amount of Non-Zero Bitcoin Wallets Continues Dropping, Which is Historically a Bullish Sign!

Over the past 10 days, a net difference of -311K total non-0 coin wallets have dropped off of the #Bitcoin network. To a novice trader, this may appear to be a concern with less overall active participants. However, historically this stat has reflected #FUD moments in the market, indicating small $BTC wallets are typically capitulating as large wallets scoop up their coins.

The previous two mid-term drops of active wallets on the network were:

• Sep. 23 to Oct. 23 (-1.10M Non-0 Wallets): BTC +28%
• Jan. 21 to Feb. 13 (757K Non-0 Wallets): BTC +24%
• Mar. 10 to Mar. 20 (-311K Non-0 Wallets): BTC -3%
  

If history is any indication, Bitcoin has a strong chance of putting up positive returns before this exodus of non-0 wallets this round (due to traders thinking the top is in) finally stops.

Explore the link to this chart here!

See all top Santiment indicators in real-time with a free trial to Sanbase PRO.