- Over 20,000 wallets now hold 100+ BTC despite price pressure
- Whale growth during downturns is often seen as a bullish signal
- Distribution appears broader, not concentrated in a few mega holders
The broader cryptocurrency market has been swinging hard in recent months, with Bitcoin still fighting to reclaim the psychological $100,000 level. Price volatility has frustrated many retail traders, yet beneath the surface something quieter is happening. Accumulation among large Bitcoin holders is steadily increasing, even as sentiment remains mixed.
According to recent data from Santiment, Bitcoin is approaching, or has surpassed, the milestone of 20,000 wallets holding at least 100 BTC. At current valuations, that means each of these wallets controls a minimum multi-million-dollar position. These are not casual traders. They are high net worth individuals, funds, institutions, and long-term believers adding exposure while others hesitate.
Whale Growth During Declines Signals Crypto Confidence
What makes this trend notable is the timing. Historically, when the number of 100+ BTC wallets rises during or shortly after price pullbacks, it has often been interpreted as a bullish signal. Large players tend to accumulate into weakness rather than chase euphoric breakouts.
Santiment’s analysis suggests that this increase points to distribution among more large holders, rather than extreme consolidation by a tiny elite group. In other words, the pie may still be large, but it’s being split across more whales. That nuance matters, because it hints at structural confidence in Bitcoin’s long-term outlook even if short-term price action looks messy.
Not Decentralization, But Strong Hands Taking Control
At the same time, this shift does not necessarily mean decentralization at the smallest level is improving. Wealth concentration remains tilted toward larger holders rather than retail wallets. Smaller participants are not suddenly controlling more supply, and that dynamic hasn’t changed much.
However, what is changing is the number of separate entities reaching whale status. More independent wallets crossing the 100 BTC threshold suggests that conviction is spreading across multiple large players. That’s different from a single dominant entity stacking aggressively.
Are Bitcoin Crypto Whales Preparing for a Bigger Move?
The key question now is whether this accumulation phase sets the stage for a larger breakout. Whale behavior does not guarantee immediate upside, but it often precedes significant structural shifts in trend. When large capital quietly positions during drawdowns, it can create supply constraints once demand accelerates.
Bitcoin’s struggle to reclaim $100K may continue for a while, especially if macro conditions remain uncertain. Still, the steady rise in 100+ BTC wallets suggests that behind the volatility, bigger players are thinking long-term. And in crypto, long-term positioning by whales has a habit of showing up in price eventually.
