Over 211,000 Addresses Exit Bitcoin Amid Uncertainty: Here’s What History Tells Us

WikiBit 2024-11-06 04:00

As uncertainty grips the crypto market, Bitcoin is witnessing an intense reduction in non-empty wallet addresses, which may signal a bullish turnaround.

Uncharacteristic Behavior in Other Crypto Assets

Additional data from Santiment shows uncharacteristic behavior in other crypto assets as well. The USDC stablecoin, for instance, experienced a drop of 11,600 wallets in a single day over the weekend. This decline in USDC wallet activity adds to the broader market caution amid ongoing election-related uncertainty.

On the other hand, Dogecoin saw a spike in wallet activity, with 46,400 new wallets created in just one week. This surge indicates renewed speculative interest in meme coins, even after Dogecoin recently reached a local price peak. Santiment interprets this rise in Dogecoin activity as traders “gambling” on the asset, driven by FOMO (fear of missing out).

Overall, the decline in Bitcoin wallets and the reduced activity in USDC could be setting the stage for a market recovery once the current uncertainty clears.

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