ChainCatcher reported on November 10, 2026, that on-chain analytics platform Santiment said the number of Bitcoin wallets with a non-zero balance reached 59.99 million on October 16 and has since declined by a cumulative total of about 108,700. Santiment also noted that Bitcoin’s price has fallen below $75,000, which it linked to some smaller holders possibly losing patience.
What a lower wallet count does not prove
Santiment said a decline in wallet numbers does not necessarily mean Bitcoin’s actual usage is shrinking. In prolonged market declines, smaller traders often merge wallets or exit holdings out of panic. Santiment described this form of retail capitulation as a pattern that has historically appeared before several large rebounds in crypto markets.
A conditional signal
According to Santiment, the indication would look more bullish if the number of non-empty wallets continued to fall while Bitcoin’s price stopped declining. That assessment remains conditional on both developments occurring together and is Santiment’s interpretation, not a confirmed result.
ChainCatcher, November 10, 2026
