Bitcoin has nearly erased its weekly losses after rebounding toward 68,000 dollars. Meanwhile, on chain data shows continued growth in large holder wallets, suggesting Bitcoin is spreading across a wider group of major investors.
According to Santiment, the number of wallets holding at least 100 Bitcoin is close to surpassing 20,000. At current prices, each of these wallets controls roughly 6.8 million dollars or more. Such addresses are typically associated with high net worth individuals, funds, institutions, or long term holders.
Santiment noted that rising whale wallet counts during or after price pullbacks can be viewed as constructive. However, the total share of Bitcoin supply held by major stakeholders has not increased significantly. This suggests that coins are being distributed among more large holders rather than becoming more concentrated within a small group.
While ownership remains concentrated in stronger hands compared to smaller retail wallets, the data does not yet show a decisive expansion in overall whale controlled supply. Historically, increases in large wallet numbers have often aligned with accumulation phases that later supported recoveries, but stronger confirmation would require a clear rise in the percentage of supply held by these entities.
Bearish Risks Persist
Despite these on chain developments, some analysts remain cautious. Market commentator Willy Woo believes the recent wave of selling may be largely exhausted, allowing Bitcoin to consolidate for several weeks or potentially test the mid 70,000 dollar range. However, he expects any upward move to face resistance given the broader bearish environment.
Woo argues that both spot and futures liquidity conditions remain weak, and he has not observed sustained rallies when both areas show deterioration. In his view, the bearish phase could extend into late 2026, with stronger bullish momentum possibly returning in 2027.
He outlined 45,000 dollars as a typical bear market floor, with 30,000 dollars as a secondary support level if global macro conditions worsen, and 16,000 dollars as a deeper fallback scenario.
Another market commentator known as Doctor Profit has also warned that although the sharpest phase of the decline may have passed, further downside cannot be ruled out.
