Analyst: The number of wallets holding 100 bitcoins approaches 20,000, viewing this as a bullish signal

According to data from the crypto analysis platform Santiment, as of this Thursday, the number of independent wallets holding 100 or more bitcoins has reached 19,993, just 7 short of the 20,000 milestone, which Santiment expects to be achieved by Friday. Based on the current bitcoin price, each of these wallets is worth approximately $6.71 million.

Santiment points out that the increase in the number of large-holding wallets indicates that the chips are being distributed among more large holders rather than concentrated in a few whales, which helps reduce the risk of price manipulation and is considered a bullish signal. However, the total supply of bitcoins held by this group has not changed, indicating that some long-term holders are still selling, which is one of the main reasons for the recent price pressure.

Currently, bitcoin has fallen about 47% from its historical high of $126,100. Analyst Poppe states that bitcoin needs to form higher lows to continue the upward trend.