As of Thursday, 19,993 wallets held 100 BTC or more, each worth roughly $6.71 million. Santiment expects this number to surpass 20,000 by Friday. The platform stated, “An increase in 100+ BTC wallets indicates a broader distribution among large holders. Single-hand control is diminishing.”

Bitcoin’s price drop coupled with the growth of 100+ BTC wallets is generally interpreted as a signal of accumulation and potential buying periods.

Whale Distribution and Market Dynamics

Bitcoin is trading around $67,260, down roughly 47% from its $126,100 peak in October. Santiment notes that although new wallets are emerging, the total supply share held by these holders has not significantly changed. Some long-term investors are still selling, keeping prices suppressed. Nevertheless, the growing number of large wallets indicates a potential market recovery.

The rapid increase in whale wallets demonstrates that the market remains active despite the recent decline. Investor interest is rising, and psychological recovery signals are strengthening. Micro-analyses indicate that, in the short term, the market has a healthier distribution. This reduces the risk that a small number of whales can dramatically swing prices and creates a safer environment for long-term holders.

Santiment points out that while new wallets have emerged, the share of total supply hasn’t shifted substantially. The increase in whale wallets shows that, although most supply remains with long-term holders, large holdings are now distributed across more entities.

Have Long-Term Holders Stopped Selling?

The recent sharp pullback was partly driven by profit-taking among long-term investors. Analyst Will Clemente stated on January 14:

“Bitcoin OGs appear to have stopped selling aggressively for now.”

This suggests that current price pressure may ease. Interestingly, while new wallets cross the 100 BTC threshold, the total supply share hasn’t changed much, indicating an ongoing handover process. However, this is not investment advice.

Michaël van de Poppe noted that, in the short term, Bitcoin needs to find a higher low for the upward trend to continue. He added, “So far, so good for Bitcoin.”

The 20,000-wallet milestone is approaching rapidly. Whale distribution is increasing, and price volatility risks are decreasing. These developments send a positive signal to the market.

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