Bitcoin 100 BTC Club Nears 20K Wallets as a 'Bullish Sign'

What to Know

19,993 unique wallets now hold at least 100 BTC, just seven short of the 20,000 milestone
Each wallet in the 100 BTC club is worth roughly $6.71 million at current market prices
Santiment says the growing wallet count signals broader distribution rather than whale concentration
Bitcoin remains down 47% from its $126,100 October all-time high, currently trading near $67,260

Bitcoin's 100 BTC club stands just seven wallets away from surpassing the 20,000 holder mark, according to crypto analytics firm Santiment. Data shared on Thursday revealed 19,993 unique addresses holding at least 100 BTC, each worth roughly $6.71 million. Santiment expects the milestone could be reached as early as Friday.

Why Is the Growth in 100 BTC Wallets a Bullish Signal?

A rising count of large Bitcoin wallets points to healthier distribution across more participants rather than a tiny group dominating the supply, according to Santiment. More addresses clearing the 100 BTC threshold reduces the perceived risk that a small cluster of whales could dramatically swing prices through coordinated activity.

"If the number of 100+ BTC wallets is growing, that suggests distribution across more large holders rather than a small group controlling everything," Santiment said in a post on X. The analytics firm added that the trend "points to less extreme consolidation at the very top," a dynamic that observers generally consider constructive for Bitcoin's long-term stability.

If the number of 100+ BTC wallets is growing, that suggests distribution across more large holders rather than a small group controlling everything.
— Santiment, Crypto Analytics Platform

Bitcoin Price Stays Suppressed Despite Wallet Growth

Bitcoin was trading at roughly $67,260 on Thursday, down approximately 47% from its October all-time high of $126,100, according to CoinMarketCap. Santiment noted that while new wallets are crossing the 100 BTC mark, the overall supply share held by this cohort has not changed, meaning long-term holders are selling even as fresh accumulators step in.

"This is why prices have stayed suppressed," the firm stated. Fears of long-term holder distribution have mounted over the past three months and are widely viewed as a key catalyst behind the recent pullback. Bitcoin analyst Will Clemente observed on January 14 that "it seems like Bitcoin OGs are done selling aggressively for now," suggesting the heaviest selling may have passed.

Analysts Eye Higher Lows for a Recovery

MN Trading Capital founder Michael van de Poppe said on X on Thursday that Bitcoin must "find a higher low and we'll be continuing the trend upwards." He added, "So far, so good for Bitcoin," signaling that the broader bullish thesis remains intact despite the steep decline from record highs.

Find a higher low and we'll be continuing the trend upwards.
— Michael van de Poppe, MN Trading Capital Founder

What Does the 20K Wallet Milestone Mean for Bitcoin?

The approaching 20,000-wallet threshold in the 100 BTC club paints a nuanced picture. Growing participation among large holders suggests rising confidence and broader ownership distribution. However, flat supply concentration and persistent selling from long-term participants mean any sustained rally will require fresh demand to absorb ongoing distribution, particularly below the $70,000 level that has capped prices in recent weeks.