Analytics platform, Santiment’s data shows that the number of Bitcoin wallet addresses holding zero BTC dropped by 672,510 in June. This decline follows Bitcoin’s fall from its peak above $70,000 in early June, which has made some investors hopeful.
Santiment suggests that some traders might believe Bitcoin reached its peak for 2024 earlier this year, leading to mass liquidations. Historically, such sell-offs have often been followed by rebounds, which could bolster market confidence moving forward.
Despite Bitcoin’s recent recovery to around $64,800, the percentage of Bitcoin supply in profit has dipped to 89.43%, down 6.5% from mid-June levels when prices were higher.
On a positive note, CryptoQuant’s Ki Young Ju highlighted a significant increase in Bitcoin accumulation by whale wallets and institutional players. OTC markets have been outpacing centralized exchanges, indicating strong institutional interest and investment resilience.
While trading volumes on centralized exchanges saw a notable decline of 21.8% in June, Bitcoin spot markets have seen a resurgence, gaining 12% over the past week.
These developments paint a mixed picture of Bitcoin’s immediate future, with signs of institutional confidence amid retail investor caution following recent price volatility. Investors will be closely watching market movements for clues on Bitcoin’s next major trend.
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