Bitcoin is approaching a notable on-chain milestone as the number of wallets holding at least 100 BTC has almost crossed 20,000, according to fresh data from blockchain analytics firm Santiment. At press time, the figure stood at 19,993 wallets, just seven short of the 20,000 mark.
With current prices around $67,800 per Bitcoin, a wallet holding 100 BTC is valued at roughly $6.78 million, consistent with high-net-worth individuals, institutional investors, crypto-native funds, or long-term holders rather than retail participants.
Bitcoin Whale Wallet Growth During Price Weakness
The timing of the development makes it significant as it occurs during a period of significant price pullbacks. Historically, rising whale wallet counts during downturns have often coincided with accumulation phases, a signal that stronger hands are absorbing supply from short-term holders. In earlier cycles, this pattern preceded broader price recoveries.
However, Bitcoin’s price has remained suppressed in the current market context, with a 0.54% drop from yesterday’s levels. Santiment attributes this to muted expansion among top holders. While the number of whale wallets is increasing, the overall percentage of Bitcoin supply held by top stakeholders has not risen significantly. In other words, more entities are reaching whale status, but total concentration at the very top has not dramatically expanded.
This suggests that Bitcoin ownership at the top is becoming more distributed across separate entities rather than concentrating into a smaller cluster of ultra-large holders.
What It Means for Price Action
Historically, rising counts of 100+ BTC wallets have aligned with longer-term accumulation phases. During prior cycles, similar expansions in whale wallet numbers appeared before sustained recoveries.
However, for the signal to strengthen, analysts note that wallet growth should eventually be accompanied by an increase in the overall share of supply held by these larger entities. If retail selling continues while whale balances expand, the structural setup could support reduced circulating supply on exchanges.
Bitcoin’s recent price volatility has created conditions where this transfer of coins may be unfolding. Whether the milestone above 20,000 whale wallets becomes a turning point will depend on whether accumulation persists and broader market liquidity stabilizes.
For now, the data suggests that larger holders are quietly increasing their presence, a development that market participants will watch closely as Bitcoin navigates its next phase.
Temitope Olajide
The CoinRemark Team
