Wallets holding 100 or more Bitcoins have resumed accumulation after a period of distribution, while the number of on-chain users in the Bitcoin network is expected to reach approximately 571 million, with over 10 million new users added each quarter.
At the top of the holder distribution, supply is being absorbed, while the number of new users at the bottom continues to expand. These two dynamics are moving in the same direction.
The CryptoRank chart, based on data from Santiment, tracks the total holdings of wallets with 100 to an infinite number of Bitcoins from 2010 to March 2026. The long-term shape of this chart is one of the most consistent accumulation stories in cryptocurrency.
The holdings of large wallets have grown from nearly zero in 2010 to about 10,000 wallets in 2013, remaining stable in 2014 and 2015, and then steadily increasing again, with only brief interruptions in each subsequent market cycle. Current data shows that the number of wallets holding more than 100 Bitcoins is approaching 20,000, a historic high, and the latest figures indicate that this number has risen again after a moderate decline corresponding to Bitcoin's peak at the end of 2025.
Actual Signals of Whale Accumulation Resuming
The distinction between distribution and accumulation among large wallets is crucial, as these two behaviors imply different future expectations. Wallets holding 100 or more Bitcoins represent entities with sufficient capital and expertise that have significant views on price direction. When this group distributes, it is typically near price peaks to reduce risk. Conversely, when they accumulate, it is usually during price downturns or early recovery phases, believing that current prices hold value compared to future expectations.
After a low near $65,900 on March 9, the resumption of accumulation by this group and the subsequent rebound to $72,500 indicate that large holders view corrections as buying opportunities rather than exits. This interpretation aligns with on-chain exchange reserve data released earlier this week, which shows that total Bitcoin reserves across all exchanges have dropped to approximately 2,742,794 Bitcoins, the lowest level since 2020, indicating that coins continue to flow from exchanges into private storage. Analysis of this data by the Arab Chain concludes that this pattern reflects long-term holding behavior rather than preparation for sale. Whale accumulation data from CryptoRank reinforces this conclusion from another angle.
Robert Kiyosaki has stated that the market crash is accelerating, increasing investments in Bitcoin and Ethereum.
571 Million Users Continue to Grow
The adoption data introduced by CryptoRank alongside whale data provides a demand-side context that supply metrics alone cannot offer. The expected 571 million on-chain Bitcoin users, with over 10 million new users added each quarter, reflects the speed at which new participants are entering, significantly impacting the existing supply-demand dynamics.