As Bitcoin trades in the $67,000 range, on-chain data is offering a sharper view into how large holders are positioning. Santiment says the count of wallets with 100 BTC or more is now just shy of the 20,000 mark. At current prices, that threshold represents roughly $6.7 million worth of Bitcoin per wallet. The key question for markets is whether this reflects genuine new demand or a reshuffling of coins behind the scenes.
What The Rise In Large Wallets Could Signal
Santiment’s takeaway is straightforward: a growing number of 100 BTC-plus wallets can suggest that ownership at the top end is spreading across a wider set of large holders. In a market often sensitive to “whale control” narratives, that kind of shift can ease concerns that Bitcoin’s supply is dominated by a small handful of players.
Traders typically read this type of move in two ways. First, it may indicate that well-capitalized investors are accumulating into weakness, building positions while sentiment is fragile. Second, a broader distribution among large holders can be interpreted as a reduction in extreme concentration risk, which some see as constructive for market confidence.
Glassnode Points To A Similar Picture
The same pattern appears in data from Glassnode, another major on-chain provider. Its metric tracking addresses holding at least 100 BTC recently registered around 19,975, broadly aligning with Santiment’s count.
That consistency strengthens the idea that large-balance wallets are trending higher, but it does not automatically prove that new investors are entering. Analysts regularly caution that a rise in address or wallet counts can also reflect operational behavior. Coins can be split across multiple addresses for custody, security, or internal treasury management, making the headline number look stronger even when net ownership has not meaningfully changed.
Why The Supply Share Matters
Santiment’s more important caveat is about supply share, not just the count. The firm notes that the number of 100 BTC-plus wallets may be rising while the group’s share of total Bitcoin supply is not increasing at the same pace.
If that is the case, two forces could be working at once. New wallets may be crossing the 100 BTC line, while other long-term holders are selling into rallies or distributing. That tug-of-war can keep Bitcoin under pressure even as the “big wallet count” headline looks bullish, and it can delay the kind of clean, sustained rebound traders want to see.
Bitcoin Still Trades Well Below Its Peak
Bitcoin remains far from its prior highs. Market data shows BTC is still roughly 46 percent below the peak seen in October, while price action around $67,000 reflects a market that is cautious rather than euphoric.
This choppy backdrop is one reason on-chain signals are getting extra attention. In periods where price struggles to find direction, shifts in large-holder behavior often become a focal point, especially when investors are trying to judge whether weakness is being bought or sold.
Analysts Keep An Eye On Selling Pressure
Commentary in the market continues to circle the same issue: where is the selling coming from, and is it fading. Bitcoin analyst Will Clemente has previously pointed to signs that aggressive selling by early holders was slowing. Meanwhile, trader and analyst Michaël van de Poppe has argued that establishing a higher low could be an important step before any stronger upside continuation.
Taken together, these views reinforce the idea that large-wallet growth is only one piece of the puzzle. Whether it translates into price strength depends on how much supply is still being released by long-term holders and how quickly demand can absorb it.
Markets Are Watching The Big Players Again
With 100 BTC-plus wallets hovering just under 20,000, Bitcoin’s large-holder activity is back in the spotlight. The development adds weight to the narrative that major players remain engaged, even in a market that has struggled to regain momentum.
Still, on-chain watchers emphasize that this metric should not be treated as a standalone buy signal. The next leg for Bitcoin will likely be shaped by what happens to supply share, exchange flows, and the intensity of distribution from long-term holders. For now, the data is sending a clear message: big money is active, and the market is trying to determine whether that activity marks the start of a durable trend shift.
