I just saw that Bitcoin has reached $77.82K, and in the meantime, some interesting things are happening on the chain. The number of wallets holding more than 100 BTC has approached 20,000 — this is growing rapidly. Each wallet holding at least $77.82k means these are large investors, institutions, and long-term holders.

Interestingly, when the number of such large holders increases after a price dip, it is usually considered a bullish signal. But here’s the problem — the percentage of total supply has not yet increased. This means that this distribution is just rapidly happening among whales, not a genuine transfer from small investors to large holders. So, the assets are still concentrated in strong hands.

According to market analysts, the overall picture still looks bearish. Liquidity in both spot and derivatives markets is weak, making it difficult to see a sustainable rally in prices. Some analysts say that real bullish momentum may not come until the first or second quarter of 2027. $45,000 is considered a typical bottom level for a bear market, but if major problems arise, a drop to $30,000 is possible.