On-chain data suggests around 729,400 Bitcoin wallets cleared themselves out in the last month. Here’s what could be behind this trend.
Bitcoin Wallets Carrying A Balance Have Taken A Sharp Hit In Past Month
In a new post on X, the on-chain analytics firm Santiment discussed the trend in the “Total Amount of Holders” for Bitcoin and how it has differed from that of Ethereum (ETH) and Tether (USDT).
The “Total Amount of Holders” here refers to an indicator that keeps track of the total number of addresses that are carrying a non-zero balance on the blockchain.
When the value of this metric rises, it means that either brand new addresses are popping up on the network or some old investors have returned back to the cryptocurrency.
Whatever the case might be, this kind of trend can be a constructive sign for the cryptocurrency (at least in the long-term), as it suggests that more adoption is taking place.
On the other hand, the indicator going down implies some inves
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