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The number of wallets holding 100 BTC or more on the Bitcoin network is approaching 20,000
According to data shared by the crypto analysis platform Santiment, the number of wallets holding at least 100 BTC on the Bitcoin network is about to surpass the 20,000 mark. Amid market uncertainty, this increase indicates that asset distribution is spreading to a broader group of investors.
As of Thursday, 19,993 unique wallets were found to hold 100 BTC or more. Based on current market values, each wallet contains assets worth approximately $6.71 million. Santiment predicts that this milestone could be reached by Friday.
Impact of the increase in wallet numbers on market structure
Assessing market dynamics, Santiment stated, "The increase in the number of wallets holding 100+ BTC indicates that assets are being distributed among more large holders rather than a small group controlling everything." A small number of whales are seen as a factor reducing the risk of significant price swings.
The analysis platform described the process as "indicating a reduction in extreme consolidation at the top."
The data also shows that confidence in Bitcoin remains, with the price currently trading at $67,260, about 47% below the all-time high of $126,100 in October.
Supply distribution and selling pressure
The increase in the number of large wallet holders following the decline in Bitcoin's price is seen as a bullish signal.
On the other hand, it was noted that the percentage of total supply held by this group has not changed, even as new wallets reach the 100 Bitcoin threshold, with some long-term holders selling.
Santiment explained the situation with the phrase, "This is why prices remain under pressure."
Concerns about long-term Bitcoin holders selling have increased over the past three months, and this is considered a key catalyst for the recent pullback.
Bitcoin analyst Will Clemente commented on January 14, "It seems that Bitcoin OGs have temporarily ended their aggressive selling."
Commenting on short-term price movements, Michael van de Poppe, founder of MN Trading Capital, said that Bitcoin "needs to find a higher bottom and continue its upward trend."