Despite rising whale counts, total Bitcoin supply held by stakeholders has not significantly increased yet.
Bitcoin has almost reversed its weekly losses after a recovery near $68,000. At the same time, whale wallet growth now suggests distribution among more large holders.
Santiment reported that the asset is approaching a new milestone, as the number of wallets holding at least 100 BTC is set to surpass 20,000.
100+ BTC Wallets Surge
At current prices, a wallet containing 100 BTC is worth a minimum of $6.78 million. According to the firm, these wallets are typically owned by high-net-worth individuals, investment funds, long-term holders, or institutions. Santiment also noted that when the number of such large wallets increases during or after price declines, as is currently the case, it can be interpreted as a bullish signal.
However, the blockchain analytics firm also pointed out that the overall percentage of Bitcoin’s total supply held by key stakeholders has not significantly increased so far, which it said helps explain why prices have remained suppressed. This means that the rise in 100+ BTC wallets indicates distribution across a broader group of large holders, rather than a small cluster maintaining tight control.
Such a trend reflects less extreme consolidation at the top tier of holders. At the same time, Santiment stressed that wealth continues to concentrate in stronger hands relative to smaller retail wallets, meaning the trend does not point to decentralization at the smallest ownership level.
In previous instances, increases in whale wallet counts have often occurred during accumulation phases that later supported price recoveries. Santiment added that for a stronger impact, the growth in large wallet numbers needs to be in line with growth in overall supply held, as retail investors gradually sell their coins to larger holders.
Despite the near-term constructive on-chain signals, concerns of further downside risks remain.
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Bears Still in Control?
Market analyst Willy Woo, for one, tilted toward a bearish outlook for Bitcoin. He stated that the bearish sell-off by investors appears to have exhausted, which gives price room to consolidate sideways for about a month or potentially rebound toward the mid-$70,000 range, though he expects such a move would likely be rejected.
Woo explained that the broader market regime remains heavily bearish, with both spot and futures liquidity deteriorating. He added that he has never seen Bitcoin rally sustainably when both liquidity sources are bearish. Based on his assessment, he said Q4 could mark the end of the bearish trend, while bullish momentum may potentially return in Q1 or Q2 of 2027.
The analyst identified $45,000 as a typical bear market bottom. However, if global macro conditions break down, $30,000 would be fallback support, with $16,000 as the final level.
Another prominent market commentator, Doctor Profit, also previously predicted that while the “fastest” BTC crash may be over, the worst is yet to come.
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