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Bitcoin

Bitcoin Hit ATH Right After Retail Gave Up—Classic Contrarian Move?

Keshav Verma
by Keshav Verma
2 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On-chain data shows the Bitcoin retail investors had been showing an exodus in the leadup to the breakout to a new all-time high (ATH).

Bitcoin Total Amount Of Holders Saw A Decrease Recently

According to data from the on-chain analytics firm Santiment, there has been a drop in Bitcoin retail investors recently. The metric of interest here is the “Total Amount of Holders,” which measures, as its name suggests, the total number of addresses on the BTC network that are carrying some non-zero balance.

When the value of this metric rises, it can be due to a number of reasons. New investors joining the network and old ones who had sold earlier returning both naturally lead to an uptick in the indicator. Similarly, existing users creating multiple wallets to manage their holdings or for a purpose like privacy also adds to the trend.

Related Reading: Bitcoin Sets New ATH—Crypto Bears Crushed In $453 Million Squeeze

In general, all of these factors can be assumed to simultaneously be at play to some degree, which means that a net amount of adoption can be considered to be occurring whenever the Total Amount of Holders registers an increase.

Now, here is the chart shared by the analytics firm that shows the trend in the Bitcoin Total Amount of Holders over the last few months:

Bitcoin Total Amount of Holders

The value of the metric appears to have been going down in recent days | Source: Santiment on X

As displayed in the above graph, the Bitcoin Total Amount of Holders has recently been on the way down, indicating that a net amount of holders have been liquidating their wallets, potentially to exit the market.

Which type of investors are these likely to be? The answer is retail. These holders massively outweigh the larger entities like whales in population, so the trend in the Total Amount of Holders tends to represent the behavior of the retail investors.

The latest exodus from the small hands has led into BTC’s breakout to a new ATH beyond the $113,000 level. From the chart, it’s visible this is not actually an unusual trend, as past periods of selling from the retail cohort have also preceded bullish price action in the cryptocurrency.

As Santiment notes,

When retail shows FUD (whether through fear or impatience), these are usually prime spots for smart money to move in and accumulate. This time has been no different.

This pattern is another case of the Bitcoin market being probable to move in the direction that the crowd least expects. An excess of fear usually tends to lead into bullish reversals, while overhype may result in tops.

Related Reading: Most Bitcoin Holders Are Selling—But One Cohort Is Aggressively Buying

It now remains to be seen how the Total Amount of Holders trend would shift now that BTC is rallying. A sharp reversal in the metric could naturally imply the retail crowd is now feeling Fear Of Missing Out (FOMO).

BTC Price

Bitcoin is in ATH exploration mode as its price is currently floating around $113,600.

Bitcoin Price Chart

The trend in the BTC price over the last five days | Source: BTCUSDT on TradingView
Featured image from Dall-E, Santiment.net, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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