The cryptocurrency sector has lately been experiencing volatile pangs of fluctuations. The domain has undergone intense transformation in the last few months, as Bitcoin continues to work harder to reclaim its former $100K+ price spot. Despite the pressure, Bitcoin accumulation has been steadily rising, with more than 19000 wallets now holding 100+ Bitcoin tokens. Are Bitcoin whales lining up for bigger moves in the near future? Let’s find out.
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Bitcoin Accumulation Is Growing Rapidly
While the majority of the investors have been expressing their anguish on the current Bitcoin price, many have taken this opportunity to align their BTC portfolios. Per the latest Santiment report, Bitcoin has now hit a new milestone by surpassing 20000 wallets holding 100+ Bitcoins.
The report outlines that when this number rises after an asset price decline, it generally signals a bullish trend and suggests distribution among large holders. This also indicates how large BTC whales are busy lining up their portfolios, expressing their faith in the assets’ bright future.
“Bitcoin is about to hit a milestone, surpassing 20,000 wallets with at least 100 $BTC. A wallet with 100 or more Bitcoin is currently worth a minimum of $6.78M, and they’re obviously going to be largely owned by very high net worth individuals, funds, long-term holders, or institutions. When this number rises during or after price declines (like it has been), it can be considered a bullish sign. However, the overall percentage of supply has interestingly not significantly risen from key stakeholders just yet. This is why prices have stayed suppressed. If the number of 100+ BTC wallets is growing, that suggests distribution across more large holders rather than a small group controlling everything. In that sense, it points to less extreme consolidation at the very top.”
Whale Status Is Growing
The Santiment report further outlines a new insight, stating that these growing wallets are indicative of separate entities achieving a “whale” status. It also means that the wealth accumulation favors strong hands, rather than small retailers.
“However, it also shows that wealth is concentrated into strong hands compared to smaller retail wallets. So it is not a sign of decentralization at the smallest level. But it does show that more separate entities are reaching “whale” status.”
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