Wallets holding over 100 BTC approach 20,000, a potential bullish signal

The number of wallets holding 100 BTC or more has reached 19,993 and is approaching the 20,000 mark, according to on-chain data analysis firm Santiment. In a post on X, the firm noted that an increase in the number of whales during a downturn is typically interpreted as a bullish signal. However, Santiment explained that the price has faced downward pressure because the proportion of the total supply held by these whales has not yet increased significantly. The firm added that historically, a rise in the number of whales has been observed during accumulation phases, which were subsequently followed by price rebounds.