Bitcoin is nearing a significant on-chain milestone, with the number of wallets holding at least 100 BTC approaching 20,000. According to data from blockchain analytics firm Santiment, the count currently stands at 19,993 addresses, just seven shy of the psychologically important threshold.
At current prices, 100 BTC is worth approximately $6.78 million, indicating these wallets are largely controlled by high-net-worth individuals, funds, long-term holders, or institutions. This accumulation pattern is historically viewed as a bullish signal, often appearing during or shortly after price declines, suggesting larger players are stepping in while prices are weak.
However, analysts note an important nuance: while the number of large wallets is rising, the overall percentage of the total Bitcoin supply held by these top stakeholders has not increased significantly. This discrepancy helps explain why price action has remained relatively suppressed despite the growing whale count. These 19,993 addresses represent approximately 0.05% of all Bitcoin addresses but control roughly 11.5% of the circulating supply.
Historical context reveals this pattern often precedes broader price recoveries. During the 2018-2019 bear market, similar accumulation emerged about six months before the subsequent bull run. The 2020 market correction and the 2022 bear market also showed comparable dynamics of whale address growth during downturns.
Market experts emphasize that an increasing number of 100+ BTC wallets does not necessarily signal extreme concentration at the very top. It can indicate Bitcoin is being distributed across a greater number of large holders, reflecting less centralized dominance among the largest entities. Simultaneously, it signals wealth shifting away from smaller retail wallets toward more financially powerful participants—a consolidation, not decentralization at the retail level.
For a stronger structural market shift, growth in whale wallet numbers would need to align with a measurable increase in the total supply held by those wallets. This typically occurs as retail investors gradually sell into larger buyers. If this dynamic continues, the current rise could mark the early stages of another accumulation cycle, with historical patterns suggesting such phases last 3-9 months before price impacts materialize.
