• 15 June, 2024

BTC’s Micro Addresses Unusually Shrink After FTX Mess

Bitcoin’s (BTC) micro addresses, holding $BTC equal to or less than 0.01, are exhibiting an unusual tendency following the FTX mess on November 7. Until November 17, 1,288 new addresses were generated, after which, the addresses swiftly began to decline, having fallen by 2,355, per Santiment.

Sharing the insights, behavior analysis platform Santiment tweeted:

BTC smallest addresses tend to hold the minimal amount of BTC. Presently, these micro addresses in question are holding the lowest amount of BTC in over 8 months. The reason, as stated, is that the ‘weak hands’ are beginning to quit the market.

As a result, the supply held by addresses with lower than 0.01 BTC has fallen to its lowest (at 0.22719%) since April 4. At press time, though, it is at 0.234%, per Santiment. BTC is currently trading at $16,973.63.

While the overall BTC sentiment is Neutral, data from TradingView presents an interesting angle. The ‘Oscillators indicator’ shows a Neutral trend on BTC. The Moving Averages indicator is inclined towards a “sell” sentiment, at press time, per Trading View.

In TradingView’s Oscillators Indicator for BTC, the Relative Strength Index (RSI) value stands at 48.05, with the suggested ‘Action’ being ‘Neutral.

While the MACD Level (12, 26), at a -251.21 Value, suggests ‘Buy’ BTC, the Average Directional Index (14) shows 33.81 in Value as Neutral, per TradingView analysis. Momentum (10) is exhibiting a Value of 557.00, with a ‘Buy’ Action on TradingView.

The “Moving Averages” indicator, BTC’s Exponential Moving Average (10) shows a Value of 16886.27, at press time, on TradingView. The Simple Moving Average (10) is at 16828.90, whereas the Exponential Moving Average’s (20) Value is 16969.44.

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