Santiment Reports a Decrease of 108,700 Bitcoin Addresses

The number of Bitcoin addresses with a non-zero balance decreased by approximately 108,700 since October 16, 2026, when the figure reached a peak of 59.99 million. On November 10, the analytics platform Santiment reported that the decrease coincided with BTC's drop below $75,000. According to the company's latest data, there were about 59.88 million addresses in the network holding a non-zero amount of Bitcoin.

Santiment associates this trend with worsening sentiment among small cryptocurrency holders. However, a decrease in the number of non-empty addresses does not necessarily indicate investors leaving or reduced network usage, as users may consolidate funds across multiple wallets or transfer assets between their own addresses. One person can also control multiple addresses, so the figure does not reflect the exact number of BTC owners.

Bitcoin failed to maintain recovery above $80,000

In early November, Bitcoin attempted a recovery to 80,000–81,000, but the growth was short-lived. Subsequently, the price fell again below $75,000, losing about 14% compared to October levels near $87,000. Thus, the cryptocurrency continued to experience pressure after several weeks of weak market dynamics.

The initial market analysis also notes a decline in BTC's price below several key moving averages used to assess trend direction. The Relative Strength Index (RSI) was estimated by the author at approximately 40 points, indicating a predominance of weak dynamics, but by itself does not allow for predicting further decline. The values of technical indicators depend on the chosen time interval and the moment of measurement.

BTC exchange reserves amounted to about 1.28 million coins

Simultaneously, Santiment reported that the number of Bitcoins on tracked cryptocurrency exchange addresses decreased to approximately 1.28 million BTC. This figure characterizes the volume of coins on the respective wallets but does not independently determine the reasons for their movement. The reduction in reserves may be related to transfers to personal storage, asset redistribution, and other operations.

Santiment analysts consider Bitcoin's further behavior near 74,000–75,000 as one of the factors for assessing market sentiment. In their opinion, price stabilization amid the continued reduction in the number of non-empty addresses could indicate a weakening of seller pressure. Recovery to 78,000–80,000 is also considered by the company as a possible sign of improvement, although these levels do not guarantee a trend change.

A reduction in the number of non-empty addresses was previously observed during periods of strong market uncertainty, which sometimes preceded a recovery in cryptocurrency value. However, Santiment's statistics do not allow for determining whether a local BTC minimum is forming now. Additional data on demand, supply, and market participant activity is needed to assess further dynamics.