Bitcoin Recovers Above $70,000, Fastest Whale Suggests Breakthrough of 20,000 Wallets

As Bitcoin recovers above $70,000, the fastest whales (large holders) are showing capital inflows, indicating a market turning point. According to blockchain analytics firm Santiment, the number of wallets holding over 100 BTC is approaching 20,000, reflecting a significant shift in market sentiment.

Currently, Bitcoin’s price has reached $70.82K (as of March 23, 2026), rebounding sharply from recent weeks of downward pressure. At the same time, on-chain data shows dramatic changes: the number of active addresses has reached 55,964,263, and the concentration among the top 100 addresses has decreased to 15.19%.

Accelerating Distribution of Large Holders, Rapid Increase in 100+ BTC Wallets

The rise in wallets holding over 100 BTC is not just a statistical trend but signals a fundamental change in market structure. At current price levels, 100 BTC is worth at least $7.08 million, typically held by high-net-worth individuals, institutional investors, investment funds, and long-term Bitcoin believers.

Of particular note is the phenomenon of increasing large wallets during price declines. Santiment’s analysis suggests this is a bullish signal—indicating smart capital inflows during a bear market. When market sentiment is at its most pessimistic, the fastest whales are likely building positions.

However, blockchain analysts also issue a warning: despite the increase in wallets holding over 100 BTC, the proportion of total Bitcoin supply held by these large wallets has not increased significantly as expected. This suggests that large capital is not disrupting existing dominance structures but rather distributing ownership within the whale community, which limits upward price potential.

Historically, an increase in whale wallets has often preceded a price recovery. But for a stronger impact, wallet growth should coincide with gradual selling by small investors. The pattern of small holders gradually transferring coins to large holders is crucial.

Market Analyst Outlook: Balancing Bullish and Bearish Sentiments

Market veteran Willy Woo remains cautious about Bitcoin’s near-term prospects. While he notes that bearish selling pressure appears to have temporarily eased, he believes sustained upward movement is unlikely.

Woo suggests that in the next month or so, there may be a rebound into the mid-$70,000s, but such gains are likely to be ultimately thwarted. The reasons are the persistent bearish macro environment and deteriorating liquidity in both spot and futures markets. He emphasizes that, based on past experience, sustained Bitcoin rebounds have not occurred in environments with low market liquidity.

According to this analysis, Woo indicates that the bearish trend could end in Q4, with a potential return to a full bull market in Q1 or Q2 of 2027.

Key support levels identified by Woo are:

• $45,000: Typical bear market bottom
• $30,000: Support during worsening macro conditions
• $16,000: Final defense level

Another prominent analyst, Dr. Profit, shares similar concerns. He suggests that the fastest decline phase may have already ended, but warns that the worst is yet to come.

While short-term on-chain signals are constructive, these analysts’ outlooks imply that significant downside risks still remain. Bitcoin holders should monitor whale movements carefully while maintaining a cool head regarding overall market liquidity and investor sentiment shifts.