Interesting phenomenon: the number of whale addresses holding over 100 Bitcoin has once again hit a record high.

It sounds like a reason to celebrate, but what about the price? It hasn't kept up. What's going on?

On the surface, this reflects confidence among institutions and high-net-worth holders in Bitcoin—they are continuously accumulating and not reducing their holdings. However, the market price lagging behind indicates several possible issues.

First, concentrated holdings do not necessarily mean active buying. Large holders may be slowly accumulating or gradually taking profits at all-time highs, rather than buying all at once. Second, market sentiment and fundamentals can sometimes decouple; the growth rate of new holdings in the short term may not keep pace with the speed of selling pressure.

There's also a reality: the number of whale addresses is increasing, but the average holding size per address may be changing. Since the overall Bitcoin circulating supply is limited, the new wallets holding over 100 coins might be redistributed from other addresses.

This is actually a window for observation—when whale holdings hit new highs but the price doesn't react, is it a sign of accumulation at a major bottom, or is the market still searching for a new consensus point?