Crypto markets have been closely watching the number of Bitcoin wallets holding at least 100 BTC, and it's now nearing a significant milestone. According to Santiment, a crypto analytics platform, there are currently 19,993 unique wallets with this amount or more. At current prices, each of these wallets is worth approximately $6.71 million.
The trend is seen as a positive sign for the market, indicating that large holders are distributing their Bitcoin across multiple wallets rather than holding onto it in a small group. This reduces the perceived risk of a small number of whales significantly impacting prices. However, Santiment also notes that the overall percentage of supply held by this cohort hasn't changed, suggesting that while new wallets are reaching 100 Bitcoins, some long-term holders are likely selling.
This has been a key concern for Bitcoin investors in recent months, with fears of long-term holders selling their coins contributing to the market's pullback. However, it seems that this trend may be reversing, with analyst Will Clemente suggesting that 'Bitcoin OGs' have stopped selling aggressively. The near-term price action is still uncertain, but some analysts are optimistic that a higher low could signal a continuation of the trend upwards.