The number of large Bitcoin wallets is nearing a record high, signaling potential accumulation by major holders. Despite the number of wallets holding over 100 BTC approaching 20,000, the total supply controlled by these stakeholders has not grown substantially. Data suggests this reflects distribution among more large holders rather than increased consolidation, while analysts warn broader market conditions remain bearish.
The number of Bitcoin wallets holding at least 100 BTC is set to surpass 20,000, approaching a new milestone. Santiment reported that such wallets, each worth a minimum of $6.78 million, are typically owned by institutions or high-net-worth individuals.
An increase in these whale wallets during price declines can be interpreted as a bullish signal. However, the overall percentage of Bitcoin’s total supply held by these key stakeholders has not significantly increased.
This indicates distribution across a broader group of large holders rather than tighter control by a small cluster. Santiment noted wealth continues to concentrate in stronger hands relative to smaller retail wallets.
For a stronger price impact, growth in large wallet numbers needs to align with growth in overall supply held. This typically occurs as retail investors gradually sell their coins to larger holders.
Market analyst Willy Woo tilted toward a bearish outlook, stating the bearish sell-off by investors appears exhausted. He said this gives price room to consolidate sideways for about a month or potentially rebound toward the mid-$70,000 range.
Woo explained the broader market regime remains heavily bearish, with both spot and futures liquidity deteriorating. “I have never seen Bitcoin rally sustainably when both liquidity sources are bearish,” he stated.
Based on his assessment, Q4 could mark the end of the bearish trend, while bullish momentum may potentially return in Q1 or Q2 of 2027. The analyst identified $45,000 as a typical bear market bottom, with $30,000 and $16,000 as fallback support levels.
