Bitcoin's non-empty wallet count has dropped by approximately 108,700 since October 16, falling from a peak of 59.99 million as the price slipped below $75,000, according to Santiment data. The decline reflects growing retail investor frustration amid the recent pullback. Santiment noted that shrinking wallet counts during prolonged downtrends often signal small traders consolidating or emptying positions out of fear—a pattern that has historically preceded major recoveries. Exchange supply has also fallen to roughly 1.28 million BTC. If Bitcoin reclaims the $78,000–$80,000 range while retail capitulation continues, it would reinforce the case that sellers are exhausted and accumulation is underway.