20,000 Strong: Bitcoin Whale Portfolio Nears Crucial Threshold as BTC Nears $68,000

Despite the rising number of whales, the total Bitcoin supply from stakeholders has not yet increased significantly.

Bitcoin has almost reversed its weekly losses after recovering to almost $68,000. At the same time, the growth of the whale portfolio now indicates distribution to more large holders.

Santiment reported that the asset is approaching a new milestone as the number of wallets holding at least 100 BTC will exceed 20,000.

100+ BTC Wallets Soaring

At current prices, a wallet containing 100 BTC is worth at least $6.78 million. According to the company, these wallets are typically owned by wealthy individuals, mutual funds, long-term holders or institutions. Santiment too noted that when the number of such large wallets increases during or after price declines, as is currently the case, this can be interpreted as a bullish signal.

However, the blockchain analytics firm also pointed out that the overall percentage of the total Bitcoin supply held by key stakeholders has not increased significantly so far, which it said helps explain why prices have remained suppressed. This means that the increase of over 100 BTC portfolios indicates distribution to a broader group of large holders, rather than a small cluster maintaining tight control.

Such a trend reflects a less extreme consolidation among the top bondholders. At the same time, Santiment emphasized that wealth continues to concentrate in stronger hands versus smaller retail portfolios, meaning the trend does not point to decentralization at the smallest ownership level.

In previous cases, increases in whale portfolios often occurred during accumulation phases that later supported price recovery. Santiment added that for a stronger impact, the growth in the number of large portfolios must be in line with the growth in the total supply, as retail investors gradually sell their coins to larger holders.

Despite the short-term constructive signals in the chain, concerns remain about further downside risks.

You might also like:

Bears still in control?

Market analyst Willy Woo, for example: tilted towards a bearish outlook for Bitcoin. He stated that the bearish sell-off by investors appears to have been exhausted, giving room for the price to consolidate sideways for about a month or possibly return towards the mid-$70,000s, although he expects such a move will likely be rejected.

Woo explained that the broader market regime remains heavily bearish, with both spot and futures liquidity deteriorating. He added that he has never seen Bitcoin rise sustainably when both sources of liquidity are bearish. Based on his assessment, he said the fourth quarter could mark the end of the bearish trend, while bullish momentum could possibly return in the first or second quarter of 2027.

The analyst identified $45,000 as a typical bear market bottom. However, if global macro conditions deteriorate, $30,000 would be a reserve support, with $16,000 as the ending level.

Another prominent market commentator, Doctor Profit, also previously predicted that while the “fastest” BTC crash may be over, the worst is yet to come.