Growing number of large holders seen as constructive signal for market structure

Bitcoin is approaching a symbolic onchain milestone: nearly 20,000 wallets now hold at least 100 BTC each, according to data from analytics firm Santiment.

As of Thursday, 19,993 wallets contained 100 BTC or more — a stash currently worth roughly $6.7 million per address. Santiment expects the figure to cross the 20,000 threshold imminently.

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For some analysts, the increase in “100 BTC club” addresses suggests a subtle but important shift in Bitcoin’s ownership structure.

Broader distribution, less top-heavy concentration

Santiment argues that a rising number of wallets in this tier points to reduced concentration among the very largest holders.

“If the number of 100+ BTC wallets is growing, that suggests distribution across more large holders rather than a small group controlling everything,” the firm said.

In practical terms, that could mean less extreme consolidation at the top. A broader base of large holders may lower the perceived risk that a handful of whales can dramatically sway prices during periods of volatility.

At the same time, the data shows that the overall percentage of Bitcoin supply held by this cohort has remained relatively stable. That indicates that while new wallets are reaching the 100 BTC threshold, some existing large holders may be trimming positions.

Confidence returns despite 47% drawdown

Bitcoin remains roughly 47% below its October all-time high of $126,100 and is trading near $67,000 at the time of writing. The recent correction has been widely attributed to long-term holders reducing exposure and broader macro headwinds.

Santiment noted that an increase in large wallet counts following a price decline can often be interpreted as a bullish signal. It may reflect renewed conviction among investors willing to accumulate significant positions during drawdowns.

However, because the supply share has not materially shifted, selling pressure from older cohorts may still be weighing on price action.

Bitcoin is down 24.59% over the past 30 days. Source: CoinMarketCap

Signs that long-term selling may be slowing

Market participants have closely tracked behavior among so-called Bitcoin OGs in recent months. Concerns that early holders were distributing aggressively have been seen as a key driver of the pullback.

On Jan. 14, analyst Will Clemente suggested that long-term holders appear to have slowed their selling activity.

From a technical perspective, MN Trading Capital founder Michaël van de Poppe said Bitcoin needs to establish a higher low to confirm a continuation of the broader uptrend. So far, he added, price action has held up constructively.

As Bitcoin hovers below its peak but continues to attract new large holders, onchain distribution metrics are offering a more nuanced view of market health beneath the surface.