Bitcoin's count of non-empty wallets has dropped by roughly 108,700 since October 16, according to Santiment Intelligence. The network recorded 59.99 million funded wallets that day, narrowly missing the 60 million mark. The decline comes as Bitcoin trades below $75,000 and smaller holders show growing impatience.

CoinGecko data puts BTC at $74,286.50, up 0.17% over 24 hours but down 2.71% across the past seven days. The wallet drop may signal retail capitulation, though it does not demonstrate that Bitcoin's utility is weakening.

Wallet Decline Reflects Address Activity, Not Necessarily Users Leaving

The metric counts funded wallet addresses rather than individual investors or overall network usage. A single person can control several addresses, so wallet totals do not translate directly into user totals. As prices weaken, smaller holders may consolidate funds into fewer addresses or empty certain wallets entirely.

Once an address holds no BTC, it drops out of the non-empty wallet count. That distinction matters: an address can become empty because its owner has consolidated funds elsewhere, without that person leaving Bitcoin. The figures cannot show whether each departing address reflects a sale or a consolidation.

Bitcoin Loses 109K Wallets As Retail is Giving Up! Bitcoin reached 59.99M non-empty wallets on October 16th, somehow just coming up shy of the round 60M number. Since then, that total has fallen by roughly 108.7K wallets as BTC's price has now dropped back below $75K and… pic.twitter.com/Dy4o66ibUb

— Santiment Intelligence (@SantimentData) November 10, 2026 (x.com)

Santiment linked the decline to impatience among smaller traders during the stretch of price weakness. The firm noted that retail capitulation has often appeared before major recoveries. That remains a market interpretation, not proof that a bottom has formed.

If BTC stabilizes near $74,000 to $75,000 while wallet numbers continue to fall, selling pressure may be easing, according to Santiment's framing. The analytics firm also placed exchange supply near 1.28 million BTC, a metric analysts watch because coins parked on exchanges are often read as potential selling supply, while withdrawals into self-custody are read as holding behavior. A recovery above $78,000 to $80,000 alongside continued retail capitulation would strengthen the case for seller exhaustion.

Trader Maps Levels Around CPI Release

Market analyst Lennaert Snyder is watching Bitcoin's reaction to the consumer price index (CPI) release. CPI is the U.S. Bureau of Labor Statistics' monthly gauge of consumer inflation, and its readings feed into market expectations for Federal Reserve interest-rate policy—one of the main channels through which macro data reaches risk assets such as Bitcoin. He said markets often consolidate before major economic data, so he is avoiding new positions beforehand. His plan depends on price action after the release during the New York session.

$BTC holds its breath for the CPI-release today. Markets in general tend to stay in tight/choppy consolidations before big news events like CPI. Therefore I don't position before, but the gameplan for after the release is clear. Best case for longing a potential relief bounce… pic.twitter.com/n7vQvlfr9H

— Lennaert Snyder (@LennaertSnyder) November 10, 2026 (x.com)

Snyder identified a possible sweep below $73,500 as his preferred setup for a long trade. A liquidity sweep briefly pushes price through a level where stop orders may cluster. He would wait for a clear market-structure shift before entering. His stated upside target sits above $76,200, where he sees buy-side liquidity.

His short areas remain around $78,000 and $80,000. He would wait for a clear trigger before considering either short setup. Those levels describe his trading plan rather than confirmed support or resistance; he has outlined conditional scenarios, not a fixed direction for BTC.

Two Watchpoints Ahead of CPI

Bitcoin now faces two near-term focus points: shrinking wallet numbers and nearby liquidity levels ahead of the CPI release. If BTC holds near $74,000 to $75,000 while wallets decline, Santiment's exhaustion scenario gains support. A move below $73,500 could first sweep the liquidity Snyder is monitoring. Traders will need to assess the post-CPI reaction before treating either scenario as confirmed.

The $73,500 level carries weight because Snyder wants confirmation after any liquidity sweep. The wallet decline remains a sentiment clue, not a standalone buy signal.