Tokenized securities are still securities – SEC Peirce’s warning!
- Over 20,000 BTC wallets held $ 10 M+ each, showing rising wealth concentration in crypto.
- Whale accumulation is surging even as retail lags, raising fresh questions about Bitcoin’s decentralization ethos.
Bitcoin [BTC] was built to decentralize finance.
However, as it trades closer to an all-time high, the numbers tell a different story. Over 20,000 wallets now hold more than $10 million each – nearly 10% of the entire BTC supply.
This is a sign that the network’s wealth is quietly consolidating in the hands of a few.
Whale territory
According to recent data, more than 20,000 Bitcoin addresses now hold over $10 million each, collectively amounting to roughly $200 billion in value.
That’s nearly 9.43% of the entire BTC supply, and over 21% of its realized cap.
Source: Alphractal
Even more telling, more than 622 new wallets holding at least 10 BTC have been added in just under four weeks.
The $10 million club is growing rapidly!
The trend isn’t a short-term anomaly, though. It’s part of a broader shift.
Since 2018, the number of addresses with $10M+ in Bitcoin has grown in tandem with BTC’s macro price moves. But what’s changed in 2025 is the scale and pace.
Source: Alphractal
In previous bull markets, these wallets peaked around price euphoria. This time, they’re accelerating even as retail participation stays muted.
The illusion of equality
Bitcoin may be decentralized by design… but its wealth distribution tells a different story.
The top 20,000 Bitcoin addresses—each holding over $10 million—collectively control 1.87 million BTC.
This growing concentration of wealth creates a financial hierarchy within the decentralized network, echoing traditional finance, where a small elite drives market trends.
While Bitcoin remains permissionless, its dynamics are increasingly shaped by large holders—dolphins, sharks, and whales.—who wield outsized influence over price action.
Source: Santiment
Retail investors, by contrast, hold significantly less sway, especially in a market driven by liquidity and large coordinated moves.
Should retail investors worry?
Perspectives on Bitcoin’s purpose shape how we interpret its growing wealth concentration.
On one hand, it challenges the original vision of Bitcoin as a decentralized, inclusive currency. On the other hand, increasing institutional involvement may signal long-term confidence and deeper market liquidity.
But the real concern isn’t just ownership—it’s whether Bitcoin’s price discovery remains fair and organic.
As large holders gain more influence, the challenge becomes ensuring the network stays open, accessible, and economically balanced for all participants.
