The number of non-empty Bitcoin wallets has fallen by 30,000 since October 16 to nearly 59.95 million, according to Santiment. This capitulation among smaller holders could create conditions for a recovery, provided BTC holds the $80,000 level and regains approximately $82,500. The $80,000 to $81,500 range corresponds to the average entry prices of Bitcoin treasury companies and spot ETF investors, while long-term holders who bought between $60,000 and $70,000 continue to accumulate. Institutional demand remains fragile, with net outflows exceeding $200 million in October despite $110.34 million in inflows earlier in the week, and Strategy opted to repurchase more STRC shares rather than purchase additional BTC.
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