Bitcoin’s $10M Elite Hoards 9.43% of Supply – Should You Worry?

The whales are circling—and they’re hungry. Bitcoin’s $10M+ club now controls nearly one-tenth of all BTC in existence. Is this consolidation a red flag or just crypto’s natural pecking order?

Power play or paper hands? When a single-digit percentage of wallets dominate supply, volatility follows. Remember: in crypto, ‘decentralization’ often means ‘your keys, their market.’

Wall Street would kill for this concentration—but then again, they’d just SEC-ify it and charge 2% management fees.

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.