February 27 News, according to the crypto analysis platform Santiment, the number of large wallets holding at least 100 Bitcoin is about to surpass 20,000, which is seen as an important signal of Bitcoin market health. As of Thursday, there are 19,993 individual wallets holding 100 or more Bitcoin, with an average wallet value of approximately $6.71 million. This milestone is expected to be reached on Friday.
Santiment stated that if the number of large Bitcoin wallets continues to grow, it indicates that Bitcoin is becoming more distributed among larger holders rather than being controlled by a few whales. This helps reduce the risk of market manipulation and suggests that the price consolidation is weakening. The platform also pointed out that this trend implies increasing investor confidence in Bitcoin’s rebound.
Currently, Bitcoin is priced at $67,260, down about 47% from its all-time high of $126,100 set in October last year. Santiment’s analysis indicates that the increase in large wallet holders during the price decline is a potential bullish signal. However, the percentage of total Bitcoin held by these users has not changed significantly, suggesting some long-term holders may still be selling, which is one of the reasons for the recent price suppression.
Market analyst Will Clemente noted that long-term Bitcoin holders seem to have temporarily paused active selling, providing some support for the price. Michael van de Poppe, founder of MN Trading Capital, said Bitcoin needs to “find higher lows” to continue its upward trend. He added that so far, Bitcoin’s performance has been good.
Overall, with the number of large wallets approaching 20,000, the Bitcoin market structure is becoming more stable. Investors should watch whether the price can establish new support lows and whether large holders’ behavior remains steady, as these factors will determine the strength of a short-term rebound and overall risk appetite.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Raoul Pal: Global liquidity and BTC correlation reach 90%, and the market is in a historically oversold state
Raoul Pal stated on March 8th that global liquidity is a key macro factor, highly correlated with BTC and NDX since 2012, with an annual growth of about 10%. He pointed out that liquidity remains loose and predicted that the US will further cut interest rates to stimulate disposable income. The crypto market is currently oversold, and the next two weeks will be a critical period to watch.
GateNews18m ago
If Bitcoin drops below $66,000, the total liquidation strength of long positions on mainstream CEXs will reach $514 million.
News from March 8th shows that if Bitcoin drops below $66,000, the long liquidation strength on mainstream exchanges will reach $514 million; if it breaks through $69,000, the short liquidation strength will reach $794 million. The liquidation chart illustrates the market impact and liquidity response.
GateNews31m ago
Woo on BTC Price: 'Bull Trap Incoming' - U.Today
Willy Woo warns investors against short-term optimism in Bitcoin's price, indicating a potential bear trap despite possible relief rallies. He emphasizes that the market remains in a bearish phase and that the current conditions do not signify a market bottom.
UToday1h ago
Bitcoin Dip May Continue as Retail Buys Under $70K, Santiment Says
Bitcoin has shown renewed volatility as buyers and sellers clash at key levels. Retail participants have been loading up after the price dipped below $70,000, while larger holders have been trimming positions. Over a period spanning Feb. 23 to Mar. 3, Bitcoin traded roughly between $62,900 and $69,6
CryptoBreaking1h ago
