Bitcoin Address Count Falls by About 30,000 as Bottoming Scenario Hinges on Key Price Levels

Bitcoin (BTC) had about 59.95 million non-empty addresses on Oct. 26, roughly 30,000 fewer than 10 days earlier. The decline may signal capitulation among smaller holders.

The contrarian bottom scenario depends on the count continuing to decline while BTC holds $80,000 and reclaims about $82,500. A sustained break below the recent $79,000 area would delay that scenario.

The total non-empty address count does not identify who controls the addresses, how much Bitcoin they hold or why an address became empty. A single wallet can generate multiple receiving addresses, and coins can move between addresses. The decline therefore does not establish that 30,000 investors sold or left the market.

An Oct. 9 reading showed a different pattern in specific wallet groups. Wallets holding 0.01 BTC or less were still increasing, while wallets holding 10 to 10,000 BTC had accumulated more than 85,000 BTC over about three weeks. Continued growth in small-wallet counts was an obstacle to a stronger recovery.

TokenPost previously covered a separate Bitcoin bottoming analysis on Oct. 12.