Bitcoin whale wallets near 20,000…Santiment: “Broader distribution is a positive signal”

An analysis suggests that a positive signal is emerging in terms of market structure as the number of wallets holding at least 100 Bitcoin (BTC) approaches 20,000.

On the 26th (local time), Cointelegraph, citing data from on-chain analytics firm Santiment, reported that the number of wallets holding 100 BTC or more was tallied at 19,993. At current prices, the value of holdings per wallet is about $6.71 million. Santiment projected that a breakthrough above 20,000 is imminent if this trend continues.

Santiment explained, “An increase in the number of wallets holding 100 BTC or more means the structure is not being concentrated in a small number of whales, but that the cohort of large holders is being dispersed more broadly.” It added that this is “positive in that extreme concentration at the very top is easing.”

Bitcoin is currently trading around $67,260, down about 47% from the all-time high of $126,100 recorded in October last year. Over the past 30 days, the decline is about 24.59%.

Santiment said the rise in the number of large wallets after a price drop can be interpreted as a bullish signal. However, it added that this group’s share of total circulating supply has not changed significantly. This suggests that while new wallets are moving into the 100 BTC bracket, some long-term holders are selling.

Santiment analyzed that “this is why the price remains under pressure.”

In recent markets, whether so-called ‘OG’ long-term holders are selling has been cited as a key variable. Bitcoin analyst Will Clemente said on January 14 that “the aggressive selling by long-term holders appears to have run its course.”

Regarding short-term price action, Michael van de Poppe, founder of MN Trading Capital, said, “Bitcoin needs to form a higher low for the uptrend to continue,” adding that “so far, the positive momentum has been maintained.”