{"id":571801,"date":"2024-01-26T15:30:15","date_gmt":"2024-01-26T15:30:15","guid":{"rendered":"https:\/\/uniquehot.com\/?p=571801"},"modified":"2024-06-11T07:02:48","modified_gmt":"2024-06-11T07:02:48","slug":"bitcoin-capitulation-holders-flee-btc-post-etf-hits","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-capitulation-holders-flee-btc-post-etf-hits\/","title":{"rendered":"Bitcoin Capitulation: Holders Flee BTC As Post-ETF Disappointment Hits"},"content":{"rendered":"

On-chain data shows that Bitcoin investors have been clearing out their wallets recently as the asset continues to be disappointing in this post-ETF era.<\/p>\n

Bitcoin Small Wallets Have Been Displaying Signs Of Capitulation<\/h2>\n

According to data from the on-chain analytics firm Santiment<\/a>, the number of small BTC wallets has seen a sharp decline during the last few days. The indicator of relevance here is the “Supply Distribution<\/a>,” which tells us about the amount of wallets that currently belong to the different holder groups on the Bitcoin network.<\/p>\n

Related Reading: Bitcoin Top: This Is When Bull Run Will Peak According To Past Pattern<\/a><\/div>\n

The addresses are divided into these groups based on the number of coins they are carrying in their balance right now. A wallet carrying 0.5 BTC, for instance, would belong inside the 0 to 1 BTC cohort.<\/p>\n

Now, here is a chart that shows the trend in the Supply Distribution for three different Bitcoin wallet groups over the last few months:<\/p>\n

\"Bitcoin<\/p>\n

The trend in the wallets of the small, mid, and large BTC holders | Source: Santiment on X<\/a><\/pre>\n
The first wallet group on the chart is the “0 to 1” coins cohort. The owners of such small wallets are usually the retail investors, popularly known as the “shrimps.”<\/p>\n
From the graph, it’s visible that these small hands have seen the total number of their wallets go down in the last few days. To be more specific, around 487,300 shrimps have cleared out their wallets in this selloff, a decline of almost 1%.<\/p>\n
“History tells us that this is typically a sign of capitulation, which can lead to a market price bounce until smaller traders begin to get optimistic toward crypto as an investment vehicle once again,” explains the analytics firm.<\/p>\n
“The disappointment of market performances since the 11 ETF approvals over 2 weeks ago is largely attributed as the cause for these wallet liquidations,” Santiment adds.<\/p>\n
The spot ETFs<\/a> have been one of the main topics in the cryptocurrency community during the last few months, and the price rally in Bitcoin was in part driven by anticipation around them. Unlike what some investors had imagined, though, the market sold at the news, and BTC has been unable to recover so far.<\/p>\n
The shrimps aren’t the only ones that have capitulated recently, though, as the 1-1,000 coins group has seen a decline of 4,752 wallets since January 5th, while the 1,000+ BTC entities have shed 27 addresses since December 27.<\/p>\n
Related Reading: Ethereum Is The Biggest Winner In Post-ETF Approval Market: Glassnode<\/a><\/div>\n
The former group includes the mid-sized Bitcoin holder groups like the “sharks,” while the latter cohort includes the largest of the hands on the network: the “whales<\/a>.”<\/p>\n
Clearly, however, these larger entities had started selling ahead of the spot ETF approvals, while the shrimps had still been optimistic about the event. And interestingly, since the smallholders have started their latest capitulation, the whales have, in fact, seen some growth in their addresses.<\/p>\n
BTC Price<\/h2>\n
Bitcoin has seen some sharp recovery push in the past day as the asset’s price has now bounced back to the $40,800 mark.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the price of the coin has shot up over the last 24 hours | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Shutterstock.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows that Bitcoin investors have been clearing out their wallets recently as the asset continues to be disappointing in this post-ETF era. Bitcoin Small Wallets Have Been Displaying Signs Of Capitulation According to data from the on-chain analytics firm Santiment, the number of small BTC wallets has seen a sharp decline during the last few days. The indicator of relevance here is the “Supply Distribution,” which tells us about the amount of wallets that currently belong to the different holder groups on the Bitcoin network. Related Reading: Bitcoin Top: This Is When Bull Run Will Peak According To Past Pattern The addresses are divided into these groups based on the number of coins they are carrying in their balance right now. A wallet carrying 0.5 BTC, for instance, would belong inside the 0 to 1 BTC cohort. Now, here is a chart that shows the trend in the Supply Distribution for three different Bitcoin wallet groups over the last few months: The trend in the wallets of the small, mid, and large BTC holders | Source: Santiment on X The first wallet group on the chart is the “0 to 1” coins cohort. The owners of such small wallets are usually the retail investors, popularly known as the “shrimps.” From the graph, it’s visible that these small hands have seen the total number of their wallets go down in the last few days. To be more specific, around 487,300 shrimps have cleared out their wallets in this selloff, a decline of almost 1%. “History tells us that this is typically a sign of capitulation, which can lead to a market price bounce until smaller traders begin to get optimistic toward crypto as an investment vehicle once again,” explains the analytics firm. “The disappointment of market performances since the 11 ETF approvals over 2 weeks ago is largely attributed as the cause for these wallet liquidations,” Santiment adds. The spot ETFs have been one of the main topics in the cryptocurrency community during the last few months, and the price rally in Bitcoin was in part driven by anticipation around them. Unlike what some investors had imagined, though, the market sold at the news, and BTC has been unable to recover so far. The shrimps aren’t the only ones that have capitulated recently, though, as the 1-1,000 coins group has seen a decline of 4,752 wallets since January 5th, while the 1,000+ BTC entities have shed 27 addresses since December 27. Related Reading: Ethereum Is The Biggest Winner In Post-ETF Approval Market: Glassnode The former group includes the mid-sized Bitcoin holder groups like the “sharks,” while the latter cohort includes the largest of the hands on the network: the “whales.” Clearly, however, these larger entities had started selling ahead of the spot ETF approvals, while the shrimps had still been optimistic about the event. And interestingly, since the smallholders have started their latest capitulation, the whales have, in fact, seen some growth in their addresses. BTC Price Bitcoin has seen some sharp recovery push in the past day as the asset’s price has now bounced back to the $40,800 mark. Looks like the price of the coin has shot up over the last 24 hours | Source: BTCUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":571818,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,83676,532,16136,86326,1119,1144],"class_list":["post-571801","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-capitulation","tag-bitcoin-etf","tag-bitcoin-selloff","tag-bitcoin-spot-etf","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Capitulation: Holders Flee BTC As Post-ETF Disappointment Hits<\/title>\n<meta name=\"description\" content=\"Data shows the Bitcoin investors have been clearing out their wallets recently as the asset 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Capitulation: Holders Flee BTC As Post-ETF Disappointment Hits","url":"http:\/\/uniquehot.com\/news\/bitcoin-capitulation-holders-flee-btc-post-etf-hits\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-capitulation-holders-flee-btc-post-etf-hits\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/shutterstock_1268504080_cf8319.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/shutterstock_1268504080_cf8319.jpg?fit=4532%2C3022"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin capitulation","bitcoin etf","bitcoin selloff","bitcoin spot etf","btc","btcusd"],"dateCreated":"2024-01-26T15:30:15Z","datePublished":"2024-01-26T15:30:15Z","dateModified":"2024-06-11T07:02:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Capitulation: Holders Flee BTC As Post-ETF Disappointment Hits\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-capitulation-holders-flee-btc-post-etf-hits\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-capitulation-holders-flee-btc-post-etf-hits\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/shutterstock_1268504080_cf8319.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/shutterstock_1268504080_cf8319.jpg?fit=4532%2C3022\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin capitulation\",\"bitcoin etf\",\"bitcoin selloff\",\"bitcoin spot etf\",\"btc\",\"btcusd\"],\"dateCreated\":\"2024-01-26T15:30:15Z\",\"datePublished\":\"2024-01-26T15:30:15Z\",\"dateModified\":\"2024-06-11T07:02:48Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/shutterstock_1268504080_cf8319.jpg?fit=4532%2C3022","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/571801"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=571801"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/571801\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/571818"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=571801"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=571801"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=571801"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}