Data: Santiment: The number of addresses holding at least 100 BTC is about to surpass 20,000, and Bitcoin is experiencing "strong hands and weak hands turnover."

The cryptocurrency market research firm Santiment posted on social media that Bitcoin is about to reach a milestone— the number of addresses holding at least 100 BTC is about to surpass 20,000.

A wallet holding 100 or more Bitcoins currently has a minimum value of $6.78 million, and these wallets are clearly primarily held by ultra-high-net-worth individuals, funds, long-term holders, or institutions. When this number continues to rise during or after a price decline (as seen recently), it can be viewed as a bullish signal. However, the total supply held by key stakeholders has not shown significant growth, which is also a reason for the continued pressure on prices.

If the number of 100+ BTC addresses is increasing, it means that more large holders are diversifying their holdings rather than a few controlling everything. In this sense, it indicates a reduction in concentration at the top. But it also suggests that wealth is concentrating among strong hands compared to small retail wallets. Therefore, this is not a signal of decentralization at the most micro level, but it does indicate that more independent entities are joining the ranks of "whales."

Historically, the growth in the number of whale addresses often occurs during accumulation phases, which subsequently supports price recovery. The increase in wallet numbers needs to match the growth in total supply, while retail investors gradually sell their tokens to large wallets. History shows that retail traders eventually panic sell or take profits too early, allowing this phase to materialize.