The year 2023 has seen a significant increase in the number of crypto wallet addresses holding more than $1 million in Bitcoin (BTC). According to BitInfoCharts, the number of addresses with more than $1 million in BTC has increased from 23,795 in January to 81,925 currently, marking a 237% increase in the last 11 months.
It is essential to note that not all millionaire wallets belong to 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, with a record 112,573 addresses on Nov. 9, 2021, the day before Bitcoin reached its all-time high of $69,000 on Nov. 10, 2021.
In addition to millionaire wallets, the number of so-called “wholecoiners”, or wallets with a balance of at least 1 BTC, has also seen a slight increase since the beginning of the year. Currently, there are 1,018,015 such addresses, a 4% increase from 978,197 on Jan. 1. The significant increase in wholecoiners occurred between April and December the previous year, indicating a strong accumulation trend despite broader price declines attributed to several high-profile crypto industry meltdowns.
Bitcoin is currently trading at nearly $37,100, marking a 38% increase over the last month. The increase in Bitcoin’s price can be attributed to market enthusiasm for multiple pending spot exchange-traded fund (ETF) products. Bloomberg ETF analysts have expressed confidence in a 90% chance of a spot Bitcoin ETF approval by Jan. 10, with many anticipating a significant price rally to follow.
Despite the market’s bullish sentiment, not all analysts are convinced that a spot Bitcoin ETF approval will launch the next bull run. CMC Markets analyst Tina Teng stated that while 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.
The increasing number of millionaire wallet addresses and wholecoiners is a clear indication of growing interest and investment in Bitcoin. The rise in Bitcoin’s price and the anticipation surrounding the approval of spot Bitcoin ETFs signal a positive outlook for the cryptocurrency market. However, it is important to consider the diverse opinions and insights of analysts to understand the potential implications of these developments on the future of Bitcoin and the broader cryptocurrency industry.