Bitcoin vs Telegram Wallets: What the Data Really Means

Crypto investors looking at market data recently spotted two intriguing headlines. Reports show that the number of nonempty BitcoinBTC-2.86% wallets fell by nearly 109,000 in under a month. Meanwhile, users created over 900,000 new wallets on Telegram in just 48 hours.

At first glance, these numbers might suggest that Bitcoin is losing momentum while Telegram is rapidly taking over. However, a closer look at the data shows that neither statistic is quite as dramatic as it sounds.

Inside the Bitcoin Wallet Drop: Panic or Healthy Shift?

Onchain analytics firm Santiment noticed that the count of nonempty Bitcoin wallets hit 59.99 million on October 16, 2026. By November 10, that number had slipped by less than 0.2%.

Santiment described this move as retail traders capitulating. However, analysts stressed that this shift does not mean Bitcoin's network utility is shrinking. In fact, smaller traders emptying wallets during price pullbacks has historically happened before market recoveries.

Back on October 26, Santiment suggested Bitcoin might be nearing a local bottom when wallet counts dropped by 30,000. They noted that a sustained drop below $79,000 would delay that potential recovery. Since then, Bitcoin has slid around 7%, trading near $74,050.

Market analysts evaluate price setups through multiple potential outcomes. If buyer interest resumes and selling pressure clears out, Bitcoin could attempt a price recovery. However, if broader macroeconomic pressure continues, prices could test lower support levels instead.

Why Bitcoin Onchain Metrics Can Be Tricky

It is helpful to remember that different analytics platforms track wallet data differently. For example, data provider Coinglass reported nonempty Bitcoin wallets hit a record 57.3 million on October 17—about 2.7 million lower than Santiment's figure.

By November 8, Coinglass recorded a slight 0.04% decline over a few days, though wallet counts were still up 0.1% over 30 days. Looking at the full year, nonempty Bitcoin wallets have actually grown by nearly 4%.

Wallet metrics can also be misleading because many people buy Bitcoin through centralized exchanges or spot ETFs without ever opening an individual wallet. Furthermore, more than 200,000 new Bitcoin addresses are created every day, as best practice encourages using fresh addresses for each transaction for privacy.

Investors should keep in mind that historical metrics do not guarantee future outcomes. Past performance of digital assets is not a guarantee of future returns. You can review historical trading metrics anytime at bitkub.com/th/market/BTC.

Telegram Wallets: Huge Growth or Mostly Empty Accounts?

Over on Telegram, co-founder Pavel Durov shared that users created over 700,000 new "Money" wallets in 48 hours. That number quickly surged past 930,000, bringing total wallet creations on the platform to nearly 2.85 million.

However, data from GRAM Explorer shows that out of those 2.85 million created wallets, only about 178,000 actually contained a balance. That means only roughly 6% of opened wallets are active.

• Total Telegram Wallets Created: Nearly 2.85 million accounts
• Funded Wallets: Around 178,000 (roughly 6% of total)
• Total Held: 1.73 million GRAM tokens (valued at ~$1.9 million)
• Average Balance per Funded Wallet: 9.7 GRAM (around $11)

On November 9, Telegram wallets executed over 675,000 onchain transactions, marking a 59% jump from the previous day. Still, with Telegram boasting over 1 billion monthly active users, fewer than 0.29% currently hold a funded crypto wallet.

Price Movements vs Network Expansion

Despite Telegram broadening wallet availability since October 9, token prices remain under pressure across the market. Bitcoin has fallen 11% over the past month and 30% over the past year, sitting around $74,050, while EthereumETH-5.74% trades near $2,064.

Meanwhile, Telegram's native GRAM token has dropped 25% over the month and 49% over the year. Even with a 5% gain on November 10, the wallet rollout has not yet reversed its broader downtrend.

Looking ahead, prediction markets on Polymarket reflect cautious trader sentiment, assigning a 52% probability to further price drops before the end of 2026.

Depending on market conditions, token outcomes could diverge. If user conversion rates increase and broader liquidity returns to crypto markets, token valuations could see renewed support. Conversely, if low user funding rates persist alongside market sell-offs, prices may face continued headwinds.

The Takeaway for Investors

In short, minor dips in Bitcoin wallet totals do not signal network failure, just as rapid sign-ups for Telegram wallets do not automatically mean mass financial adoption yet.

Understanding context behind headline numbers helps investors evaluate crypto trends clearly while keeping risk tolerance and market volatility in perspective.