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On-chain data indicates the Bitcoin network is seeing its fastest exodus of holders in nearly two years, a development that Santiment says could reflect retail investors taking profits.
According to data from on-chain analytics firm Santiment, Bitcoin’s Total Amount Of Holders has recently dropped. This metric tracks the total number of blockchain addresses carrying a non-zero BTC balance.
When the indicator rises, it can mean new investors are joining or earlier sellers are returning. It can also increase when existing users create multiple wallets for purposes such as privacy. Conversely, a decline suggests some investors are clearing balances, potentially as they exit the asset.
Santiment’s chart shows the Total Amount Of Holders increased during 2025 and the first months of 2026, but shifted downward in May. Over the past five days, BTC investors liquidated 245,000 wallets.
Given the scale of addresses involved, Santiment notes the activity is likely tied to smaller participants rather than whales, who are fewer in number.
The decline in holder count appears after a price surge. Santiment suggests this pattern can align with retail investors using the move higher to take profits, rather than expecting the rally to continue.
The latest drop is the fastest since Summer 2024, when holders removed over 946,000 wallets within a five-week period.
Santiment said capitulation can be a key ingredient in the start of bull runs, with wallets dropping out during both price declines (driven by fear of further losses) and price rises (driven by expectations that prices will not go higher).
It remains unclear whether the current retail selloff will continue in the coming days or whether the Total Amount Of Holders trend will reverse.
Over the past five days, Bitcoin has traded sideways, with the price hovering around $80,100.
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