Bitcoin Holders Split in Two as Retail Leaves and Smart Money Keeps Buying

Bitcoin’s holder base is diverging as the number of non-empty wallets has fallen by roughly 108,700 since October 16, while wallets classified as smart money added more than 14,200 BTC over the past two weeks, according to Santiment data. The split is unfolding with BTC trading at $74,507, down 9.86% over the past month and below the roughly $75,700 average cost basis, per BeInCrypto Markets. The pattern suggests retail participants are exiting or consolidating wallets even as larger, more experienced holders accumulate. The divergence matters because it points to a possible transfer of coins from weaker to stronger hands during a drawdown. What to watch next is whether smart-money accumulation continues and whether BTC can reclaim its average cost basis, a level that could signal a shift in holder sentiment.