Bitcoin Price Reading Falls Below Santiment's $74,000-$75,000 Test

Bitcoin (BTC) had about 108,700 fewer nonempty addresses on Nov. 10 than on Oct. 16, while a separate price reading below $73,000 was outside Santiment's proposed $74,000 to $75,000 stability range.

The Oct. 16 count was 59.99 million. By Oct. 26, it had fallen about 30,000 from that baseline. The count measures addresses with a balance, not investors. A holder can consolidate Bitcoin into fewer addresses or empty an address without selling, so the decline does not establish how many people left the market.

Santiment characterized the larger decline as a possible sign of retail strain. Its earlier case for a possible bottom depended on Bitcoin holding $80,000 and reclaiming roughly $82,500. The newer test proposed holding between $74,000 and $75,000 as the address count continued falling. A separate Nov. 10 price observation below $73,000 was outside that proposed range.

Santiment wrote, “A falling wallet count does not automatically mean Bitcoin’s utility is shrinking.” Over the two weeks through Nov. 9, addresses holding 1 to 10 BTC added 10,076 BTC. Addresses holding 10 to 100 BTC added another 4,131 BTC. Those figures track address groups and do not identify who accumulated the coins or where they came from.

U.S. spot Bitcoin funds recorded about $2.13 billion in net outflows across seven trading sessions from Oct. 30 through Nov. 9, including $201 million on Nov. 9. The total extends the period covered in earlier coverage of Nov. 2-6 withdrawals.

For the week through Nov. 8, daily active addresses stood at 670,600, up 1.8% from seven days earlier, and entity-adjusted transfer volume was $5.7 billion. Daily active addresses measure activity separately from the count of nonempty addresses, so the measures can move in different directions. Neither activity figure confirms that Bitcoin's price has formed a bottom.