Bitcoin is on the verge of a significant milestone. The number of wallets holding at least 100 BTC is according to data from analytics platform Santiment approaching the 20,000 mark. On Thursday, 19,993 such wallets were recorded, and estimates suggest this target could be reached within days.
Each of these wallets held bitcoin worth approximately $6.71 million at the time of data release. This is a group of major investors whose behavior is considered an important indicator of market sentiment.
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Distribution Instead of Concentration
According to Santiment, the increase in the number of wallets holding 100 BTC may signal a positive change in the structure of holders. If the number of large wallets is increasing, it means bitcoin is not concentrated in the hands of a narrow group of whales, but is spread among more players.
Such a development reduces the risk that a small number of investors can significantly move the price. Santiment describes this trend as “less extreme consolidation at the top,” meaning weaker concentration of capital among the largest holders.
For the market, this is an important signal. Distribution among more large wallets is often seen as a sign of market maturity and a more stable environment.
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A Signal of Confidence Despite Price Decline
Interestingly, this trend comes at a time when bitcoin remains significantly below its peak. From October’s historic high of $126,100, the price is approximately 47% lower and is currently according to CoinMarketCap hovering around $67,000.
Santiment notes that the increase in the number of large wallets following a price decline can be a bullish signal. It suggests that some investors are using lower prices to accumulate and believe in a future trend reversal.
At the same time, the data reveals an important nuance – the share of total supply held by this group has not changed significantly. In other words, while new wallets with at least 100 BTC are being created, some long-term holders are likely selling.
This selling pressure is, according to analysts, one of the reasons why the price remains subdued for now.
Are Long-Term Holders Selling Less?
Concerns that long-term holders – often referred to as bitcoin OGs – are selling have intensified in recent months and are considered a key factor in the recent decline.
Bitcoin analyst Will Clemente stated in January that it appears these investors have “stopped aggressively selling.” If this trend is confirmed, it could remove one of the main pressures on the price.
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What It Means for Ordinary Investors
The approaching 20,000 mark for wallets holding 100 BTC is not just a statistical curiosity. For investors, it is an indicator that helps read the behavior of large capital.
An increasing number of large wallets may signal a return of confidence and gradual accumulation. At the same time, continued selling by some long-term holders explains why the market has not yet entered a clear growth phase.
The result is a mixed, but for many analysts rather positive picture: less concentration, gradual redistribution, and first signs of stabilization following a significant decline.
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