Santiment bullish indicator sees as non-empty BTC Wallet has dropped more than 211 thousand

Data from Santiment shows a significant decline in non-empty Bitcoin (BTC) wallets.

Forum analysts interpreted this as a sign of fear, doubt, and uncertainty (FUD) among crypto investors, a sentiment often associated with ongoing bullish shows.

A rejection of a wallet can indicate bullying.

According to Santiment, in the last three weeks, the number of wallets that are not empty or contain a certain amount of cryptocurrency has decreased by 211,500 to 54.38 million. This may indicate that many users are withdrawing their funds from their wallets due to the market volatility caused by the ongoing US presidential election.

However, in a Nov. 4 post on X, the crypto information provider suggested that such a fall would herald “the beginning of the future” as seen in BTC prices.

In addition to Bitcoin, the USDC stablecoin also saw a significant drop, dropping by 11,600 in a single day over the weekend. The decline comes against a backdrop of wild swings in the stable coin market.

On the other hand, Dogecoin (DOGE), the biggest meme coin by market capitalization, is showing wallet activity. Last week, on-chain data revealed more than 46,000 new DOGE addresses.

With major DOGE supporter Elon Musk flying the Republican flag and crypto partner Donald Trump actively participating in the presidential campaign, Santiment suggested that the influx of new wallets could be due to fear of missing out (FOMO) among Dogecoin traders. Despite recent price corrections, the meme coin.

Whales hold steady amid market volatility

The choice has led to increased market uncertainty among crypto traders. Sentiment has seen a whale of bitcoin transactions decline following last week's surge, with BTC currently hovering around $68,700.

However, he explained that such a decrease in activity does not necessarily mean that prices will fall; Rather, it may be a sign that large investors are waiting for retailers to make their move before re-entering the market.

Meanwhile, Bitcoin's recent performance shows resilience despite some weakness. At the time of writing, the world's largest cryptocurrency was trading at a market value of $68,718, down 3.1 percent from the previous week. However, it remains strong compared to the broader crypto market, which is down 6.2 percent.