Bitcoin is nearing a significant milestone of 20,000 unique wallets holding at least 100 BTC, according to analytics from Santiment. The firm states this growth in large holders suggests healthier market distribution and less extreme consolidation among top investors. While this trend hints at rising confidence, the overall supply held by this cohort remains unchanged, indicating some long-term holders are likely selling, which has kept prices suppressed.
The number of unique Bitcoin wallets holding 100 BTC or more is on the verge of surpassing 20,000. Santiment stated there were 19,993 such wallets as of Thursday, with each holding 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. The firm noted this points to less extreme consolidation at the very top, reducing perceived whale risk.
This trend hints at rising confidence despite Bitcoin’s price being down around 47% from its October all-time high of $126,100. The cryptocurrency is currently trading at $67,260, according to CoinMarketCap.
Santiment explained an increase in large wallet holders after a price drop can be a bullish signal. However, the overall percentage of supply held by this cohort has not changed, suggesting some long-term holders are likely selling.
“This is why prices have stayed suppressed,” Santiment said. Fears of long-term holder selling have been seen as a key catalyst behind Bitcoin’s recent multi-month pullback.
Analyst Will Clemente said on Jan. 14 that it seems like Bitcoin OGs are done selling aggressively for now. For near-term price action, MN Trading Capital founder Michael van de Poppe said Bitcoin must find a higher low to continue the trend upward.
