December 23, 2024
Number of Bitcoin millionaire wallets triples in 2023

The number of crypto wallet addresses holding more than $1 million in Bitcoin (BTC) has more than tripled this year.

Bit infographic data Data shows that the number of BTC addresses worth more than $1 million has increased from 23,795 on January 1 to 81,925 currently, an increase of 237% in the past 11 months.

Currently, 81,925 wallet addresses hold more than $1 million in BTC. Source: BitInfoCharts

Millionaire Wallet is not one-to-one with individual users, as many addresses with over $1 million in BTC belong to cryptocurrency exchanges and financial institutions.

Compare data Data from Glassnode shows that the number of addresses holding more than $1 million in Bitcoin peaked at the top of the last bull market in November 2021, with a record high posted on November 9, 2021, the day before Bitcoin hit its all-time high. 112,573 addresses recorded. $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

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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, an increase of 4% from 978,197 on January 1.

Since January 1 this year, the number of holders of all coins has increased by 4%. Source: Glassnode

The largest increase since 2018 occurred between April and December last year, showing a strong accumulation trend despite a series of high-profile crypto industry crashes that led to broader price declines.

Bitcoin is currently changing hands for nearly $37,100, up 38% from the last month. Market enthusiasm for a variety of pending spot exchange-traded fund (ETF) products has boosted the price of Bitcoin.

Bloomberg ETF analysts say there is a 90% chance that a spot Bitcoin ETF will be approved on January 10, with many expecting a sharp price increase subsequently.

Despite the bullish sentiment, not all analysts are convinced that the approval of a spot Bitcoin ETF will spark the next bullish run.

CMC Markets analyst Tina Teng said that while Bitcoin’s approval is positive for the crypto industry, both Bitcoin and the broader macro landscape lack the necessary fundamentals to justify a full trend reversal.

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