Bitcoin Non-Empty Wallets Drop by Nearly 109,000 Amid Debate Over Capitulation

The count of non-empty Bitcoin wallets fell by nearly 109,000 between October 16 and November 10, dropping from a peak of 59.99 million to roughly 59.88 million. The decline coincided with Bitcoin falling below $75,000 and dropping 11% over the past month. While the 0.2% drop reflects subdued network activity and potential retail capitulation, analysts caution against viewing it as definitive capitulation. Factors such as exchange rebalancing, custodial migrations, spot ETF adoption, and address consolidation can empty wallets without reducing exposure, while non-empty addresses remain up 4% year-to-date.