Mass exodus from Bitcoin wallets… is the market approaching a new upward wave?

According to data from the “Santiment” platform, the Bitcoin network witnessed the largest drop in the number of wallets since 2024, with approximately 245,000 wallets leaving the market in just five days.

While this drop may look negative, analysts believe it could be an early sign of market recovery and the start of a new upward wave, much like what happened in the summer of 2024, when large portfolio exits preceded the start of one of the strongest upward waves.

“Santiment” explains that the exit of small investors often results in a transfer of supply to more confident long-term investors, thereby reducing the number of Bitcoins available for sale in the market.

This development comes as Bitcoin price falls below $83,000 again after approaching $83,000 over the past few days.

The $80,300 level is currently considered a sensitive point as it represents the average cost of buying new whales that have entered the market in recent months.

With prices trading below that level, the category is in the red, which may prompt some investors to sell to avoid further losses, which could add to market pressure if the decline continues.

On the other hand, restoring the $80,300 level and turning it into support could restore whale confidence and reduce selling pressure, which some analysts see as the potential start of a new uptrend.

Despite the recent decline, the price of Bitcoin has increased by approximately 11% in the past month, and currently fluctuates between $77,000 and $82,500.

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