Blockchain analysis platform Santiment shared data on Thursday (18th) showing that the number of addresses holding more than 0 bitcoins has decreased by 672,510 in the past month. This is the longest period of net decrease in bitcoin holders since mid-September to mid-October 2023 (before the bull market began). The platform believes that this trend may indicate that investors do not have enough confidence to return to the market, which will only increase the chances of a rebound.
Santiment stated that traders may consider the historical high in March as the best level that can be reached in 2024, but rebounds typically occur after market sell-offs, the platform wrote.
Meanwhile, Ki Young Ju, the founder of blockchain data analysis company CryptoQuant, pointed out on X platform today that the off-exchange bitcoin trading market is “overwhelming” the centralized exchange market, which is a sign of institutional accumulation. He added that whale wallets holding more than one thousand coins (including spot ETFs and custodial wallets) have increased their holdings by 1.45 million BTC this year, bringing the total to 1.8 million BTC, accounting for about 9% of the circulating supply.
Ki Young Ju contrasted the current pace of accumulation with past increases and wrote.
Ki Young Ju also found that stablecoins have started flowing into the market, with the total market value of stablecoins continuously rising since early July, of which the market value of USDT, the US dollar stablecoin issued by Tether, accounts for nearly 70% of the total market value. He added that although the recent growth in stablecoin market value may not be significant, this upward trend is worth noting.
Data shows that when the bitcoin price was at its low point before the current rebound, the growth rate of stablecoin market value (30-day percentage change) briefly turned negative but has recently turned positive again. This value also turned positive from negative in September last year, indicating the growth of stablecoin market value, followed by a wave of price increases in bitcoin.
Data source
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