More than 20,000 BTC wallets are holding over $10 million each, reflecting the increasing concentration of assets in the cryptocurrency market.
Whale accumulation is surging while retail investors are slow to catch up, further questioning Bitcoin's decentralization.
Bitcoin [BTC] was born with the mission of decentralizing finance.
However, as prices near all-time highs, the actual numbers show the opposite trend. There are now more than 20,000 wallets holding more than $10 million each—nearly 10% of the total BTC supply.
This is a signal that the accumulation of assets on the network is increasingly concentrated in a small group of individuals or organizations.
Whale Territory
According to the latest data, more than 20,000 Bitcoin wallet addresses now hold over $10 million each, totaling nearly $200 billion in value.
This figure represents approximately 9.43% of the total BTC supply, and represents more than 21% of the realized cap of the entire BTC market.
Source: Alphractal
It is worth noting that in less than four weeks, more than 622 new wallets holding at least 10 BTC have appeared on the blockchain.
The $10 Million Club is Booming
This trend is not a short-term phenomenon. It is a manifestation of a macro shift in the crypto market.
Since 2018, the number of wallets over $10 million has increased in parallel with major fluctuations in BTC prices. But 2025 will see a scale and growth rate that completely surpasses previous cycles.
Source: Alphractal
In previous bull runs, the number of million-dollar wallets often peaked when the market was excited. But now, although retail money has not entered strongly, the whale class is still accelerating its accumulation.
The Illusion of Fairness
Bitcoin was born decentralized… but the asset allocation picture is completely different.
The top 20,000 addresses—each with over $10 million—control a total of 1.87 million BTC.
Structurally, this concentration of wealth creates a new financial hierarchy within the Bitcoin network, similar to the traditional way in which a minority of wealth controls the market.
Although BTC is permissionless in nature, the network's movements are increasingly manipulated by big players—dolphins, sharks, whales—who have the ability to create big waves, control liquidity, and influence prices.
Source: Santiment
Small investors are increasingly losing influence, especially in the context of large capital flows coordinating all liquidity and manipulating market trends thanks to superior resources.
Should retail investors be worried?
The view of Bitcoin's core goals shapes the approach to the reality of wealth distribution.
On the one hand, the concentration of wealth challenges the idea of “decentralization and fairness.” But on the other hand, the influx of institutional capital could signal a more solid market and deeper liquidity.
However, the key issue is not only ownership, but also the fairness and transparency of the process of determining Bitcoin value.
As big fish gain more and more control, the challenge is how to maintain an open environment, balance economic interests, and protect fair access for all participants in the Bitcoin ecosystem.
Source: https://tintucbitcoin.com/ca-map-kiem-soat-943-bitcoin/
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