- Over the past few weeks, Bitcoin wallets have been accumulating in low and high tiers.
- However, active addresses have decreased in the last few days.
Certain Bitcoin [BTC] Wallets have continuously accumulated assets despite the prevailing price trend. However, despite the accumulation of these wallets, the number of active addresses has decreased.
Bitcoin wallets experience accumulation fluctuations
According to a recent Santiment post, Bitcoin exhibits different accumulation patterns in its bottom, middle, and top wallets. Chart analysis showed a significant increase in accumulation on low-tier wallets with 0-1 coins.
This upward trend began around October and has continued steadily. This resulted in these wallets currently holding around 1.42 million BTCs.
Another category that is seeing a slight upward trend is 10-infinity BTC wallets.
Although the accumulation is less pronounced than lower-end wallets, the gradual upward trends are notable. At the time of this writing, there were around 11.57 million BTCs in these wallets.
Source: Santiment
In contrast, mid-range wallets moved in the opposite direction and saw a visible decline in holdings.
Although the decline is not drastic, it is noticeable on the chart. At the time of this writing, there were around 6.57 million BTCs in these wallets. This suggests that this particular class of wallets sold their holdings due to fluctuations in the price of Bitcoin.
The number of active Bitcoin addresses continues to decrease
Bitcoin’s seven-day address activity metric on Santiment recently showed a decline. The chart showed that this decline started around December 13th and a sustained downtrend was observed.
As of December 13, the number of active addresses was around 4.9 million, reflecting an earlier decline.
At the time of writing, active addresses had dropped to around 4.1 million. This means a reduction in the participation of addresses in BTC trading, possibly influenced by price movements.
Source: Santiment
BTC volume continues its upward trend
The Bitcoin volume chart showed a decline due to the decline in active addresses. The recorded volume fell to around $14 billion before seeing a spike around December 18th.
Source: Santiment
Read Bitcoin (BTC) Price Prediction 2023-24
The increase in volume correlated with an increase in BTC price, which returned to the $43 price range. At the time of writing, the volume was around $25.8 billion.
According to data from CoinMarketCap, volume has increased by over 30% in the last 24 hours. In the last update, BTC was trading slightly above $43,000, up almost 1%.
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