According to analytics platform Santiment, XRP continues to see its network grow with more wallets. The same applies to Ethereum, the second most popular blockchain network.
However, this is not the case for Bitcoin. In fact, it now has 277,240 fewer no-empty wallets compared to three weeks ago.
A silver lining?
This substantial decline has been attributed to smaller players dropping out of the market.
"Historically, these declines in retail belief are a positive sign for mid to long-term price performances," Santiment said.
Whales and sharks typically tend to accumulate coins dropped by smaller players, subsequently driving up market prices.
Failing to reclaim $100,000
Bitcoin is stuck below the $100,000 level, currently trading at $96,008.
The anemic price action has been accompanied by the underperformance of Bitcoin ETFs. On Wednesday, these products logged a total of $251 million worth of outflows.
