The number of wallets with 100 BTC or more is growing, while small Bitcoin holders are retreating.

Source: PortaldoBitcoin Original Title: The number of wallets with 100 BTC or more increases, while small Bitcoin holders retreat. Original Link: Bitcoin is trying to catch its breath after weeks of strong selling pressure and is trading this Wednesday afternoon in the range of $87,000. In this relief movement, one pattern stands out: while small investors are reducing their positions, large holders are increasing their stakes, pointed out the blockchain analysis company Santiment.

According to company data, the number of wallets with at least 100 coins of Bitcoin grew by 0.47% since November 11, equivalent to the emergence of 91 new wallets at that level. In contrast, smaller wallets — especially those with 0.1 BTC or less — have been declining during this period, reflecting retail capitulation. For Santiment, movements of this type generally pave the way for future appreciation cycles.

The recent mild recovery, however, does not necessarily indicate the start of a new bull market. According to analysis from a crypto market research firm, the scenario remains fragile and complex: price pullbacks may occur abruptly, but should be viewed as tactical movements, not as a new established trend.

The Sharpe Ratio of Bitcoin, which measures risk-adjusted return, also reinforces this view. The metric has fallen to near zero, a level historically associated with moments of uncertainty and the early phases of risk repricing — a pattern similar to that observed in 2019, 2020, and 2022. Although it does not signal a definitive bottom, a low Sharpe ratio often provides more asymmetrical entry setups than periods of euphoria.

In the short term, other indicators show attempts of reversal. The Bull-Bear Index (Bull-Bear) of Bitcoin has been in a downtrend since November 11, but with signs of recovery — the BEAR line is at -36%, showing slight improvement. Meanwhile, the Future Flow Index has risen, although it remains below the level of 55, the threshold for a clearer inversion.

Both suggest that the market has been trying to escape the bear regime for more than a month — still unconfirmed, but with initial signs of buying effort.