BTC Analysis: Despite Wallets Declining, Upcoming Weekend Will Be Crucial For Bitcoin

• BTC is currently priced at $40,178.16 after experiencing a 0.28% surge in 24 hours.
• Santiment observed that the total number of BTC wallets has been declining at the “swiftest rate” since early October.
• The reason behind this scenario is that it is due to market capitulation, a surge of selling pressure in the downtrend market.

After the hype of the Bitcoin spot ETF’s approval, Santiment, a market on-chain analytics platform, has observed that the number of total Bitcoin wallets has been declining at the “swiftest rate” since early October, just days before the major crypto bull cycle started. The analytics platform also stated, “The crowd is showing a similar level of impatience this time around, with over 487K wallets holding 1 BTC or less being liquidated in the last 4 days alone.”

The reason behind this scenario is that it is due to market capitulation, a surge of selling pressure in the downtrend market. However, it should be noted that the past price movements have shown that traders’ optimistic sentiment could kickstart the uptrend once again. The market capitulation could have started due to the disappointing performance of BTC after t…

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