Retail Panic Hits Bitcoin: Could a Market Bottom Be Near?

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Bitcoin’s latest major leg down that pushed it to a multi-month low has started to visibly shake out retail investors, with thousands of previously funded wallets being emptied as the cryptocurrency fails to stage a notable recovery.

The development comes alongside some of the worst market sentiment in months, raising the question of whether the sell-off is entering a capitulation phase.

Almost 110K BTC Wallets Gone
Santiment Intelligence reported earlier today that the Bitcoin network has reached 59.99 million non-empty wallets on October 16, narrowly missing the 60 million milestone. Since then, though, the figure has witnessed a sharp decline, falling by roughly 108,700 wallets as BTC’s price was rejected and the promise of an ‘Uptober’ failed.

The analysts attributed the decline partly to smaller holders becoming more impatient during the prolonged price weakness. It’s worth noting that fewer non-empty addresses do not necessarily mean the same number of investors have abandoned Bitcoin. Investors can control multiple wallets, while holders may also consolidate BTC into fewer addresses rather than sell them outright.

Nevertheless, Santiment views the trend as consistent with retail capitulation: the point at which increasingly frustrated smaller investors finally exit or reduce exposure after sustained losses.

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