Bitcoin Rally Lifts Mood as Retail Capitulates

[bonk]

Improving sentiment is closely tracking a strong rally in Bitcoin, which climbed from $89,799 to nearly $97,700 in the past week, hitting a two-month high, according to CoinGecko.

Interestingly, analysts at Santiment say the rally is happening while retail investors exit. Over the past three days, non-empty Bitcoin wallets fell by more than 47,000, a sign that impatient holders are capitulating.

Santiment calls this a bullish signal, noting that Bitcoin balances on exchanges have dropped to a seven-month low of 1.18 million BTC. Fewer coins on exchanges generally reduce immediate sell pressure, helping price advances sustain — even as sentiment flips back toward greed.

[chainsniff]

exchange balances dropping while sentiment flips feels quietly bullish