The number of crypto wallet addresses holding more than $1 million worth of Bitcoin (BTC) has more than tripled this year.
Data from BitInfoCharts shows that the number of addresses with more than $1 million in BTC has increased from 23,795 on January 1 to 81,925 currently, a 237% increase over the last 11 months.
Currently, 81,925 wallet addresses hold more than $1 million worth of BTC. Source: BitInfoCharts
The Millionaire Wallets are not one-on-one with individual users, as many addresses with more than $1 million in 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 peak of the last bull market in November 2021 and peaked on November 9, 2021, a day before Bitcoin hit its all-time record. recorded a record 112,573 addresses peaking at $69,000 on November 10, 2021.
The number of “millionaire” Bitcoin wallets has increased by more than 237% since the beginning of the year. Source: Glassnode
Related: Demand for Bitcoin could increase tenfold within the next 12 months: Michael Saylor
Meanwhile, the number of so-called “Wholecoiners” – wallets with a balance of at least 1 BTC – has increased slightly since the beginning of the year. There are currently 1,018,015 such addresses, a 4% increase from 978,197 on January 1st.
The number of Wholecoiners has increased by 4% since January 1st this year. Source: Glassnode
Wholecoiner’s strongest rise since 2018 occurred between April and December last year, showing a strong accumulation trend despite a broader price decline driven by a series of high-profile collapses in the crypto industry.
Bitcoin is currently changing hands for nearly $37,100, up 38% compared to last month. Bitcoin’s price has been boosted by market enthusiasm for several outstanding spot exchange-traded fund (ETF) products.
Bloomberg ETF analysts believe there is a 90% chance of a spot Bitcoin ETF being approved by January 10, with many expecting a significant price rally.
I have received many questions over the past few weeks about my current opinion on spot #Bitcoin ETFs. This is the first section of the note I posted yesterday with @EricBalchunas.
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 Bitcoin ETF preliminary approval will trigger the next bull run.
Tina Teng, an analyst at CMC Markets, claimed that while approval would be positive for the crypto industry, both Bitcoin and the broader macro landscape lack the necessary fundamentals to justify a complete turnaround.
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