On February 27, the crypto 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 Bitcoin is currently valued at a minimum of $6.78 million, and these wallets are clearly mainly 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 considered a bullish signal. However, the proportion of the total supply held by key stakeholders has not shown significant growth, which is also why prices remain under pressure.

If the number of 100+ BTC addresses is increasing, it indicates that more large holders are diversifying their holdings rather than a few entities controlling everything. In this sense, it suggests a decrease in concentration at the top.

But it also indicates that wealth is concentrating more among the big players compared to small retail wallets. Therefore, this is not a micro-level decentralization signal, but it does show that more independent entities are joining the ranks of "whales." Historically, an increase in the number of whale addresses often occurs during accumulation phases, which then support a price rebound.

An increase in wallet numbers needs to be matched by growth in the total supply, while retail investors gradually sell tokens to large wallets. History shows that retail traders will eventually panic sell or take profits too early, allowing this phase to unfold.