ChainCatcher reports that, according to data from the crypto analytics platform Santiment, as of this Thursday, the number of independent wallets holding 100 or more Bitcoin has reached 19,993, just 7 short of the 20,000 mark. Santiment expects this milestone to be reached by Friday. Based on the Bitcoin price at the time of writing, each of these wallets is worth approximately $6.71 million.
Santiment notes that the increase in large-holder wallets indicates that holdings are becoming more dispersed among major investors rather than concentrated in a few whales, which helps reduce the risk of price manipulation and is a bullish signal. However, the total supply of Bitcoin held by this group has not changed, indicating that some long-term holders are still selling, which is one of the main reasons for recent price pressure.
Currently, Bitcoin has fallen about 47% from its all-time high of $126,100. Analyst Poppe states that Bitcoin needs to form higher lows to continue its upward trend.
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