The number of wallets holding at least 100 Bitcoin is approaching 20,000, indicating a bullish market signal

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.