- More than 20,000 BTC portfolios each had $ 10 m+, with a rising wealth concentration in crypto.
- Whale accumulation increases even if the retail trade remains, so new questions are raised about Bitcoin’s decentralization ethos.
Bitcoin [BTC] was built to decentralize financing.
However, because it is traded closer to a record high, the figures tell a different story. More than 20,000 portfolios now each contain more than $ 10 million – almost 10% of the entire BTC offer.
This is a sign that the wealth of the network quietly consolidates in the hands of a few.
Whale
According to Recent data, More than 20,000 Bitcoin addresses now each have more than $ 10 million, which are jointly intended to around $ 200 billion in value.
That is almost 9.43% of the entire BTC offer and more than 21% of the DOP realized.
Source: Alfractaal
Many more tell, more than 622 new portfolios with at least 10 BTC have been added in just under four weeks.
The club of $ 10 million is growing rapidly!
However, the trend is not a short -term deviation. It is part of a wider shift.
Since 2018, the number of addresses with $ 10 million+ in Bitcoin has grown with the macrop price movements of BTC. But what changed in 2025 is the scale and pace.
Source: Alfractaal
In earlier bull markets, these portfolios peaked around the euphoria prize. This time they accelerate even if the participation of the retail trade remains damped.
The illusion of equality
Bitcoin can be decentralized by design … but the wealth distribution tells a different story.
The top 20,000 Bitcoin addresses – each with more than $ 10 million – check 1.87 million BTC.
This growing concentration of wealth creates a financial hierarchy within the decentralized network, which, following traditional finances, drives a small elite market trends.
Although Bitcoin remains permissionless, the dynamics are increasingly formed by large holders – dolphines, sharks and whales. – that great influence on price action.
Source: Santiment
Retail investors, on the other hand, have considerably less waving, especially in a market that is powered by liquidity and large coordinated movements.
Should retail investors be worried?
Perspectives on the goal of Bitcoin are how we interpret the growing wealth concentration.
On the one hand, it challenges Bitcoin’s original vision as a decentralized, inclusive currency. On the other hand, increasing institutional involvement in long -term confidence and deeper market can indicate liquidity.
But the real care is not only owned – it is whether Bitcoin’s price discovery remains fair and organic.
As large holders get more influence, the challenge is ensured that the network remains open, accessible and economically balanced for all participants.