Journalist
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- In recent weeks, Bitcoin wallet lows and whales have increased.
- However, active addresses have fallen in recent days.
Certain Bitcoin [BTC] wallets have been continuously accumulating assets despite the prevailing price trend. However, the number of active addresses has decreased despite the accumulation of these wallets.
Bitcoin wallets see accumulation variations
According to a recent Santiment Post, Bitcoin has shown various accumulation patterns in the low, mid and high portfolios. The chart analysis showed a notable increase in accumulation among lower level wallets containing 0-1 coins.
This upward trend started around October and has continued steadily. And it resulted in these wallets currently holding approximately 1.42 million BTCs.
Another category that is seeing a slight upward trend is 10-infinity BTC portfolios.
While the accumulation is less pronounced than in lower pockets, the incremental upward trends are notable. At the time of writing, these wallets hold approximately 11.57 million BTCs.
Source: Santiment
In contrast, mid-market portfolios have moved in the opposite direction, with a visible reduction in holdings.
Although the drop is not drastic, it is noticeable in the graph. At the time of writing, these wallets hold approximately 6.57 million BTCs. This suggests that this particular class of wallets has been selling off its holdings amid fluctuations in the Bitcoin price.
Active Bitcoin addresses continue to decline
Bitcoin’s seven-day active addresses metric on Santiment showed a recent decline. The chart showed that this decline started around December 13 and a continued downward trend was observed.
As of December 13, the number of active addresses was approximately 4.9 million, reflecting an earlier decline.
At the time of writing this article, the number of active addresses had been reduced to approximately 4.1 million. This means a reduction in the participation of addresses in BTC trading, possibly influenced by price developments.
Source: Santiment
BTC volume resumes the uptrend
The Bitcoin volume chart showed a decline due to the decrease in the number of active addresses. Registered volume dropped to around $14 billion before seeing an increase around December 18.
Source: Santiment
Read Bitcoin (BTC) price prediction 2023-24
The increase in volume correlated with an increase in the price of BTC, which returned to the $43 price range. At the time of writing, volume was approximately $25.8 billion.
According to data from CoinMarketCap, volume has increased by more than 30% in the last 24 hours. As of the last update, BTC was trading just above $43,000, showing an increase of almost 1%.