The number of Bitcoin wallets holding at least 100 BTC has exceeded 20,000, according to data from Santiment. This milestone suggests a potential accumulation phase, as these wallets, valued at a minimum of $6.78 million each, are typically owned by high-net-worth individuals, funds, or institutions. While the increase in such wallets can be seen as a bullish indicator, the overall supply percentage held by these key holders has not significantly risen, keeping prices relatively stable. The growth in the number of large wallets indicates a broader distribution of Bitcoin among significant holders, rather than a concentration among a few. This trend suggests that more entities are achieving 'whale' status, although it does not necessarily imply decentralization at the smallest level. Historically, an increase in whale wallets has been associated with accumulation phases, which can support future price recoveries as retail investors sell their holdings to larger entities.