On February 27th, crypto market research firm Santiment posted on social media that Bitcoin is about to reach a milestone—the number of addresses holding at least 100 BTC is about to surpass 20,000. A wallet holding 100 or more BTC currently has a minimum value of $6.78 million, and these wallets are clearly primarily held by ultra-high-net-worth individuals, funds, long-term holders, or institutions.
When this figure continues to rise during or after a price decline (as we have seen recently), it can be considered a bullish signal. However, the share of total supply held by key stakeholders has not yet seen significant growth, which is why prices remain under pressure.
If the number of 100+ BTC addresses is growing, it means that more large holders are diversifying their holdings, rather than a small group controlling everything. In this sense, it suggests that the concentration at the top is decreasing.
However, this also indicates that wealth is concentrating in the hands of powerful individuals compared to smaller retail wallets. Therefore, this is not the most micro-level signal of decentralization, but it does show that more independent entities are joining the ranks of "whale." Historically, the increase in the number of whale addresses has often occurred during the accumulation phase, subsequently supporting a price recovery.
The growth in the number of wallets needs to match the growth in total supply, while retail investors gradually sell tokens to larger wallets. History shows that this phase is eventually achieved through panic selling or premature profit-taking by retail traders.
