Bitcoin (BTC) pulled back sharply this week, dipping as low as $76,000. Despite growing worries about a deeper decline, whales and institutions appear to be accumulating the largest cryptocurrency.
New data from Santiment shows the number of Bitcoin wallets holding at least 100 BTC has climbed to 20,229. That marks an 11.2% increase from the 18,191 wallets recorded at the same time last year.
Long-Term Bitcoin Confidence
Wallets with 100 BTC or more currently represent roughly $7.7 million in crypto and are typically associated with major investors, institutions, whales, and wealthy long-term holders.
Santiment noted that this steady rise in large wallets persisted throughout a year marked by heightened market volatility and shifting investor sentiment. The increase took place even as many retail traders demonstrated caution, fear, or frustration about the market.
Historically, a growing number of large Bitcoin wallets has been interpreted as a sign that influential holders remain confident in BTC’s long-term prospects, supply scarcity, and market position despite short-term uncertainty and price swings.
However, closer inspection reveals significant stress across the market. Many experts argue that a rapid V-shaped recovery is unlikely. CryptoQuant’s SOAB ratio climbed above normal levels, indicating widespread capitulation among older holders, while short-term investors displayed signs of panic selling.
Social media sentiment among retail traders has shifted toward fear and negativity, according to Santiment. Bearish comments about Bitcoin have outnumbered bullish ones for the first time since April 21. Smaller traders appear to be reacting strongly to recent weakness and many now expect prices to fall further.
Despite the prevailing bearish mood, Santiment pointed out that crypto markets often move counter to the majority view. Therefore, a spike in bearish sentiment could actually increase the likelihood of a near-term rebound.
Regulatory Tailwind
Dessislava Ianeva, a research analyst at Nexo, believes progress on the CLARITY Act in the Senate could serve as a significant catalyst for Bitcoin’s next bull run. The bill recently moved out of the Senate Banking Committee, raising expectations for clearer crypto regulation in the United States.
Ianeva noted that Bitcoin briefly rose above $82,000 after the committee approval and that prediction market odds for the bill becoming law in 2026 also increased. She likened the reaction to the earlier GENIUS Act rally and suggested that a future Senate floor vote on the CLARITY Act could help push Bitcoin toward a new all-time high.