Bitcoin is approaching a key onchain milestone, with 19,993 unique wallets now holding at least 100 BTC, according to data shared by Santiment.
Each of these wallets holds roughly $6.7 million worth of Bitcoin at current prices near $67,000, and Santiment expects the total to surpass 20,000 wallets imminently.
Santiment said that growth in the number of 100+ BTC wallets suggests distribution among a broader group of large holders rather than extreme concentration among a few whales.
“In that sense, it points to less extreme consolidation at the very top,”
The firm noted, framing the development as a structurally bullish signal for Bitcoin.
However, while the number of large wallets is increasing, the total percentage of supply held by this cohort has not changed, implying that some long-term holders may be distributing coins as new wallets cross the 100 BTC threshold.
Bitcoin remains about 47% below its October all-time high of $126,100 and is currently trading around $67,260, reflecting continued market caution despite improving wallet distribution metrics.
Analyst Will Clemente recently suggested that long-term holders may be done “selling aggressively for now,” potentially easing one of the key pressures weighing on price action.
In the near term, traders are watching whether Bitcoin can establish a higher low to confirm trend continuation, with technical analysts suggesting that sustained accumulation by large wallets could support a recovery phase if selling pressure subsides.
At the time of reporting, Bitcoin price was $67,834.17.