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Surge in Million-Dollar Bitcoin Wallets Reflects Crypto Market Growth

Bitcoin

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TL;DR

  • The number of Bitcoin wallets holding over $1 million has tripled in 2023.
  • Data shows the peak of million-dollar Bitcoin wallets in November 2021 at 112,573, coinciding with Bitcoin’s all-time high.
  • Bitcoin’s recent price surge to nearly $37,100 is driven by optimism about pending spot ETF approval.

The number of cryptocurrency wallet addresses holding over $1 million in Bitcoin has seen a remarkable surge this year, according to data from BitInfoCharts. This increase, while impressive, comes with nuances, as many of these wealthy wallets belong to crypto exchanges and financial institutions.

A tripled number of million-dollar Bitcoin wallets

BitInfoCharts data reveals that the count of Bitcoin addresses containing more than $1 million soared from 23,795 at the start of the year to an impressive 81,925 currently. This surge represents a substantial 237% growth over the past 11 months. It is important to note that these millionaire wallets do not directly correlate to individual users, as a significant portion of these addresses are owned by crypto exchanges and financial entities.

Comparative data from Glassnode highlights that the number of addresses with over $1 million in Bitcoin reached its zenith during the peak of the previous bull market in November 2021. On November 9, 2021, a record-breaking 112,573 such addresses were recorded, just one day before Bitcoin achieved its all-time high of $69,000 on November 10, 2021.

In contrast, the number of “wholecoiners,” which are wallets holding at least 1 BTC, has seen a more modest increase since the beginning of the year. Currently, there are 1,018,015 such addresses, reflecting a 4% growth from the 978,197 recorded on January 1st. This suggests a consistent accumulation trend among investors, despite fluctuations in Bitcoin’s price driven by various events within the crypto industry.

Bitcoin’s recent performance

At present, Bitcoin is trading at nearly $37,100, marking a 38% increase over the past month. The recent surge in Bitcoin’s price has been attributed to growing enthusiasm in response to multiple pending spot exchange-traded fund (ETF) products. Bloomberg ETF analysts have predicted a 90% likelihood of a spot Bitcoin ETF being approved by January 10th, with many anticipating a subsequent price rally.

However, not all analysts are convinced that the approval of a spot Bitcoin ETF will trigger the next bull run. CMC Markets analyst Tina Teng has expressed skepticism, pointing out that while an approval would be a positive development for the crypto industry, both Bitcoin and the broader macroeconomic landscape may lack the necessary fundamentals to justify a complete trend reversal.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Benson Mawira

Benson is a blockchain reporter who has delved into industry news, on-chain analysis, non-fungible tokens (NFTs), Artificial Intelligence (AI), etc.His area of expertise is the cryptocurrency markets, fundamental and technical analysis.With his insightful coverage of everything in Financial Technologies, Benson has garnered a global readership.

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