The world’s largest cryptocurrency Bitcoin has been facing strong selling pressure with the BTC price dropping under $40,000 earlier this week. Amid the current selling pressure, small Bitcoin wallets have seen major liquidation taking place.
Accelerated Decline in Total Bitcoin Wallets
On-chain data provider Santiment has reported a noteworthy decline in the total number of Bitcoin wallets, marking the swiftest rate since early October – just before the commencement of the major crypto bull cycle. This trend is indicative of a similar level of impatience among investors. Over the last four days alone, more than 487,000 wallets, each holding 1 BTC or less, have been liquidated.
Historical patterns suggest that such rapid declines in wallet numbers are often associated with capitulation, a phase that could precede a market price bounce. This trend tends to persist until smaller traders regain optimism toward crypto as a viable investment vehicle.
The recent disappointment in market
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