Bitcoin Bottom Signal: 566K Fewer Addresses Holding BTC Since June 15th

IconCryptoNewsTerminal Staff08 Jul, 2024

cryptonews.jpg

Bitcoin Bottom Signal: 566K Fewer Addresses Holding BTC Since June 15th

Bitcoin has been in a bearish trend for the past few months, and many investors are wondering if the bottom is in. One indicator that suggests the bottom may be near is the decrease in the number of addresses holding more than 0 BTC. According to data from CryptoQuant, the number of addresses holding more than 0 BTC has fallen by 566k since June 15th. This is a significant decrease, and it suggests that a capitulation event may have occurred. Capitulation events are often seen near the bottom of a bear market, and they can be a sign that the selling pressure has finally exhausted itself. If this is the case, then the recent decrease in the number of addresses holding more than 0 BTC could be a bullish signal. Of course, it is important to note that this is just one indicator, and it is not a guarantee that the bottom is in. However, it is a positive sign, and it suggests that the worst of the bear market may be behind us.

Related News