Number of Bitcoin Wallets Holding 100+ BTC Approaches 20,000 Milestone in 'Positive Signal'
Analytics platform Santiment notes that only seven additional wallets are required to hit the 20,000 mark for addresses containing a minimum of 100 Bitcoin each, as market volatility continues.
The Bitcoin network is approaching a significant threshold of 20,000 wallets containing a minimum of 100 Bitcoin, a metric that may point to positive market fundamentals, according to cryptocurrency analytics firm Santiment.
By Thursday's count, the network had 19,993 distinct wallets containing 100 BTC or higher, representing approximately $6.71 million in value per wallet based on current prices, Santiment reported via an X post on Thursday. The analytics platform projects that this threshold could be crossed as early as Friday.
"If the number of 100+ BTC wallets is growing, that suggests distribution across more large holders rather than a small group controlling everything," Santiment said. This represents a crucial indicator for Bitcoin investors, as it diminishes the concern that a limited number of whale entities could dramatically influence market prices.
Santiment points to "less extreme consolidation"
"In that sense, it points to less extreme consolidation at the very top," Santiment said.
This pattern also suggests growing optimism regarding a potential reversal for Bitcoin (BTC), which has declined approximately 47% from its October record peak of $126,100 and is presently valued at $67,260, based on CoinMarketCap data.
According to Santiment's analysis, a rise in the quantity of large wallet holders following a Bitcoin price decline may serve as a bullish indicator.
Nevertheless, the platform observed that the total percentage of supply controlled by this group has remained stable, indicating that while new wallets are achieving 100 Bitcoins, certain long-term holders are probably liquidating their positions.
"This is why prices have stayed suppressed," Santiment said.
Are Bitcoin OGs done "selling aggressively" for now?
Concerns regarding long-term Bitcoin holders liquidating their positions have been escalating throughout the previous three months and are commonly viewed as a primary driver behind the recent market correction.
Bitcoin analyst Will Clemente said on Jan. 14 that "it seems like Bitcoin OGs are done selling aggressively for now."
Regarding short-term price movements, MN Trading Capital founder Michael van de Poppe stated in an X post on Thursday that Bitcoin needs to "find a higher low and we'll be continuing the trend upwards."
"So far, so good for Bitcoin," van de Poppe said.