Bitcoin Whale Wallets Near Crucial Threshold as BTC Hovers Around $68,000
By Crypto News Desk – February 27 2026
Bitcoin’s price has steadied near the $68 k mark after clawing back from a week‑long decline, and on‑chain data is showing a subtle shift among the ecosystem’s biggest holders. According to blockchain analytics firm Santiment, the number of wallets containing at least 100 BTC—each worth roughly $6.78 million at current rates—is set to break the 20,000‑wallet barrier, a level not seen since the early stages of the 2023 rally.
Whale count climbs, but concentration stays high
Santiment’s latest report indicates that while the “whale” count is climbing, the proportion of total Bitcoin supply controlled by these large addresses has not moved markedly higher. In other words, more entities are entering the upper‑tier of ownership, but the aggregate share of the cryptocurrency they hold remains largely unchanged.
The firm interprets this as a distribution of large holdings across a broader set of participants—potentially a positive sign for market depth. However, it also notes that wealth continues to be skewed toward these sizable addresses when compared with the multitude of smaller, retail wallets, meaning the trend does not point to a broader decentralisation of ownership at the lower end of the spectrum.
Historical context: whales and price recoveries
Past cycles have shown that spikes in the number of 100‑plus‑BTC wallets often coincide with accumulation phases that later underpin price recoveries. Santiment cautions, however, that for the whale surge to translate into sustained upward pressure, the growth in the number of large wallets must be mirrored by an increase in the total supply they control. This would imply that retail participants are gradually off‑loading coins to bigger players, a pattern that historically precedes bullish moves.
Market sentiment remains mixed
Despite the encouraging on‑chain signal, several prominent analysts continue to voice caution:
-
Willy Woo – The well‑known on‑chain analyst argues that Bitcoin’s liquidity in both spot and futures markets remains under bearish pressure. He expects the asset to consolidate sideways for roughly a month before any credible rally toward the $70 k‑plus region, and even then anticipates potential rejection. Woo projects the current bear market could bottom around $45 k, with deeper support near $30 k or $16 k if macro conditions deteriorate sharply.
- Doctor Profit – The self‑styled commentator recently warned that while the rapid crash phase may have subsided, a more severe downturn could still be ahead.
Key takeaways
| Insight | Implication |
|---|---|
| Whale wallets ≥100 BTC approaching 20K | Indicates a wider distribution among large holders, potentially adding resilience to price support. |
| Total supply held by whales unchanged | Suggests that the new wallets are not yet accumulating a larger share of Bitcoin, limiting immediate bullish impact. |
| On‑chain bullish signals tempered by liquidity stress | Market liquidity remains bearish, which could constrain price gains despite whale‑count growth. |
| Analyst outlooks remain cautious | Prominent voices such as Willy Woo and Doctor Profit warn of continued downside risk and a prolonged consolidation phase. |
Outlook
If the surge in large‑wallet counts continues and eventually translates into a higher percentage of Bitcoin under whale control, the market could see renewed buying pressure that pushes BTC beyond the current $68 k ceiling. Conversely, persisting liquidity deficits and a lack of substantive supply shift toward these big addresses may keep price action muted, leaving the asset vulnerable to a further correction should macro‑economic conditions sour.
Investors should monitor both wallet‑size metrics and liquidity indicators over the coming weeks to gauge whether the whale activity is merely a statistical blip or the early stage of a larger reallocation that could reshape Bitcoin’s price trajectory.
The image above depicts a cluster of large Bitcoin wallets, often referred to as “whale” addresses, highlighting the growing number of entities holding 100 BTC or more.
Source: https://cryptopotato.com/20000-strong-bitcoin-whale-wallets-near-crucial-threshold-as-btc-trades-close-to-68k/
