The Number of Millionaire Bitcoin Wallets Tripled in 2023
The number of crypto wallet addresses holding more than $1 million in Bitcoin (BTC) has more than tripled this year, according to BitInfoCharts data. The number of addresses with more than $1 million in BTC increased from 23,795 on Jan. 1 to 81,925 currently, representing a 237% increase in the last 11 months.
It’s important to note that these millionaire wallets are not necessarily one-to-one with individual users, as many addresses with more than $1 million BTC belong to crypto exchanges and financial institutions.
Comparative data from Glassnode shows that the number of addresses holding more than $1 million in Bitcoin peaked during the top of the last bull market in November 2021. On Nov. 9, 2021, the day before Bitcoin reached its all-time high of $69,000 on Nov. 10, 2021, there were a record 112,573 addresses holding more than $1 million in BTC.
Meanwhile, the number of “wholecoiners” — wallets with a balance of at least 1 BTC — has slightly increased since the beginning of the year. Currently, there are 1,018,015 such addresses, a 4% increase from 978,197 on Jan. 1.
The largest increase in wholecoiners since 2018 occurred between April and December last year, indicating a strong accumulation trend despite a broader price decline resulting from various high-profile crypto industry meltdowns.
Bitcoin is currently trading at nearly $37,100, which is a 38% increase over the last month. The market’s enthusiasm for multiple pending spot exchange-traded fund (ETF) products has contributed to the rise in Bitcoin’s price.
Bloomberg ETF analysts predict a 90% chance of a spot Bitcoin ETF being approved by Jan. 10, with many anticipating a significant price rally to follow.
Despite the optimistic sentiment in the market, not all analysts are convinced that a spot Bitcoin ETF approval will launch the next bull run. CMC Markets analyst Tina Teng believes that while an approval would be positive for the crypto industry, both Bitcoin and the wider macro landscape lack the required fundamentals to justify an all-out trend reversal.
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