Bitrabo Editorial
Recent on-chain data reveals a trend of investors leaving the Bitcoin network, while Ethereum sees ongoing growth and adoption.
Decline in Total Bitcoin Holders
Analytics from Santiment indicate that the Total Amount of Holders metric for Bitcoin has experienced its largest 3-day drop since March.
This metric tracks the total number of active wallets holding a non-zero balance, reflecting new user adoption or existing holders’ activities.
An increase in holders typically signals positive adoption and bullish sentiment, while a decrease suggests users are emptying their wallets, indicating a bearish outlook.
The graph below illustrates the recent decline in total holders for both Bitcoin and Ethereum over the last six months:
The recent drop in Bitcoin holders indicates a selling trend, driven by profit-taking amid a bearish market. In contrast, Ethereum’s holder count remains on an uptrend, reflecting sustained growth and enthusiasm.
While Bitcoin investors show signs of fear, which could precede a price reversal, Ethereum’s strong adoption suggests confidence in the asset and its long-term prospects.
Furthermore, the current price of Bitcoin stands around $64,700, showing a slight decline of nearly 3% over the past week.