The number of crypto wallet addresses holding more than $1 million in Bitcoin (BTC) has more than tripled this year.
BitInfoCharts data shows that the number of addresses with over $1 million in BTC increased from 23,795 on January 1 to 81,925 currently, an increase of 237% over the past 11 months.
Millionaire wallets are not individual with individual users, as many addresses holding over $1 million BTC belong to crypto exchanges and financial institutions.
Comparative data from Glassnode shows that the number of addresses holding over $1 million in Bitcoin peaked at the peak of the last bull market in November 2021, posting a record 112,573 addresses on November 9, 2021, the day before where Bitcoin reached its all-time high. a high of $69,000 on November 10, 2021.
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Meanwhile, the number of “wholecoiners” – wallets with a balance of at least 1 BTC – has increased slightly since the start of the year. There are currently 1,018,015 such addresses, an increase of 4% from 978,197 on January 1.
The biggest increase in the number of wholesalers since 2018 occurred between April and December last year, showing a strong accumulation trend despite a broader fall in prices resulting from a series of high-profile collapses of the crypto industry.
Bitcoin is currently changing hands for nearly $37,100, up 38% from last month. Bitcoin price was supported by market enthusiasm for several pending spot exchange-traded fund (ETF) products.
Bloomberg ETF analysts say there is a 90% chance a spot Bitcoin ETF will be approved by January 10, and many expect prices to rise significantly.
TLDR: Our view hasn’t changed much https://t.co/dRAm5IsdQf pic.twitter.com/Htsi3n2XxV
–James Seyffart (@JSeyff) October 13, 2023
Despite the bullish market sentiment, not all analysts are convinced that a one-time Bitcoin ETF approval will kickstart the next bull run.
CMC Markets analyst Tina Teng asserted that while an approval would be positive for the crypto industry, Bitcoin and the broader macroeconomic landscape lack the fundamentals required to warrant a full trend reversal.
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