According to data shared by blockchain analytics platform Santiment on Thursday (18th), the number of Bitcoin addresses with a balance greater than 0 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 point in March as the best level that can be reached in 2024, but rebounds usually 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 Bitcoin over-the-counter trading market is “overwhelming” the centralized exchange market, which is a sign of institutional accumulation. He added that whale wallets holding over a 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 compared the current accumulation speed to the past and wrote:
Ki Young Ju also found that stablecoins have begun to flow into the market. The total market value of stablecoins has been steadily increasing since early July, with Tether’s USDT, a US dollar stablecoin, accounting 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 dropped to a negative value but has turned positive again recently. This value also turned positive in September last year, indicating the growth of stablecoin market value, and Bitcoin price subsequently started a rising trend.
Data source