- Bitcoin is nearing 20,000 wallets holding at least 100 BTC, a potential bullish signal for market health.
- The growth suggests less consolidation among top holders, reducing the price-swing influence of single whales.
- While new large wallets emerge, the overall supply held by this group remains steady, indicating simultaneous selling by some long-term holders.
- Analysts note Bitcoin’s price is still down significantly from its all-time high, with ongoing debate about near-term market direction.
Bitcoin is poised to cross a significant milestone this week, with the number of wallets holding over 100 BTC set to surpass 20,000. According to Santiment, this indicates healthier market dynamics by spreading large holdings across a broader group. The crypto analytics platform stated that the threshold could be reached by Friday, with 19,993 unique wallets currently meeting the criteria.
Each of these wallets holds roughly $6.71 million worth of Bitcoin. “If the number of 100+ BTC wallets is growing, that suggests distribution across more large holders rather than a small group controlling everything,” Santiment said. This trend points to “less extreme consolidation at the very top,” reducing the perceived risk of price manipulation by a concentrated few.
The growth in large wallets hints at rising confidence following a major price decline. Consequently, Bitcoin is currently trading at $67,260, a 47% drop from its October all-time high of $126,100, according to CoinMarketCap. However, Santiment noted the total percentage of supply held by this cohort hasn’t changed, suggesting long-term holders are likely selling as new wallets reach the 100 Bitcoin mark.
This selling pressure from original holders has been a key catalyst for the recent market pullback. However, Bitcoin analyst Will Clemente said in mid-January that it seems like Bitcoin OGs are done selling aggressively for now. Meanwhile, for a bullish continuation, MN Trading Capital founder Michael van de Poppe said Bitcoin must find a higher low.
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