Santiment: Bitcoin Wallets Holding 100+ BTC Surpass 20,000

Odaily News Santiment posted on the X platform, stating that Bitcoin is about to reach a milestone, with the number of wallets holding at least 100 BTC exceeding 20,000. Wallets holding 100 or more Bitcoin are currently worth at least $6.78 million and are primarily owned by high-net-worth individuals, funds, long-term holders, or institutions. An increase in this number during or after a price decline can be seen as a bullish signal. However, as of now, the overall supply proportion held by key holders has not significantly increased, which has kept prices low. If the number of wallets holding 100+ BTC grows, it indicates that coin distribution is spreading among more large holders rather than being concentrated in the hands of a few. This shows a decrease in concentration at the top tier. But at the same time, wealth is concentrating towards stronger large holders compared to smaller retail wallets. Therefore, this is not a signal of decentralization at the smallest level, but it indicates that more independent entities have reached the "whale" level. Historically, an increase in the number of whale wallets often occurs during accumulation phases, subsequently supporting price recoveries. The growth in wallet numbers needs to be matched by an increase in overall held supply, with retail investors gradually selling their tokens to large holders. History shows that retail traders eventually panic sell or take profits too early, facilitating the emergence of this phase.