ChainCatcher report: According to data from the crypto analytics platform Santiment, as of Thursday this week, the number of independent wallets holding 100 or more Bitcoin has reached 19,993—just seven away from the 20,000 milestone, which Santiment expects to be achieved by Friday. At the current Bitcoin price at the time of this report, each such wallet is worth approximately $6.71 million. Santiment notes that the increase in the number of large holders indicates a broader distribution of Bitcoin among more significant holders rather than concentration among a few whales, reducing the risk of price manipulation—a bullish signal. However, the total percentage of Bitcoin supply held by this group has remained unchanged, suggesting that some long-term holders continue to sell, which is one of the main reasons for recent price pressure. Bitcoin is currently down approximately 47% from its all-time high of $126,100. Analyst Poppe states that Bitcoin must form higher lows to sustain an upward trend.
Bitcoin wallets with 100+ BTC near the 20,000 milestone, viewed as a bullish signal
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Summary
Today, Bitcoin’s price saw a key on-chain indicator approach a bullish threshold, as the number of Bitcoin wallets holding 100+ BTC reached 19,993—just seven short of the 20,000 milestone expected by Friday. Each such wallet is valued at approximately $6.71 million. Santiment noted that the growth in large wallets indicates more distributed ownership among whales, a bullish signal. However, the total supply held by this group remains unchanged, suggesting that some long-term holders are still selling, adding downward pressure on price. Analysts like Poppe emphasize that for Bitcoin to sustain an upward move, it needs to establish a higher low.
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