The count of cryptocurrency wallet addresses holding more than $1 million in Bitcoin (BTC) has surged significantly in 2023, more than tripling throughout the year. Data from BitInfoCharts reveals that the number of such addresses rose from 23,795 on January 1 to 81,925 presently, marking a substantial 237% increase in the past 11 months.
It’s crucial to note that these millionaire wallets do not necessarily correspond to individual users, as many addresses holding over $1 million worth of BTC are associated with crypto exchanges and financial institutions.
In comparison, data from Glassnode indicates that the peak for addresses holding more than $1 million in Bitcoin occurred during the previous bull market in November 2021, reaching a record of 112,573 addresses on November 9, 2021, a day before Bitcoin achieved its all-time high of $69,000 on November 10, 2021.
Concurrently, the number of “whole-coiners,” which refers to wallets with a balance of at least 1 BTC, has seen a modest increase since the beginning of the year. Presently, there are 1,018,015 such addresses, reflecting a 4% growth from 978,197 on January 1.
The most substantial rise in whole-coiners since 2018 occurred between April and December of the previous year, indicating a robust accumulation trend despite broader price declines resulting from various high-profile crypto industry setbacks.
Bitcoin is currently trading at nearly $37,100, marking a 38% increase over the past month. The positive momentum in Bitcoin’s price is attributed to market enthusiasm surrounding multiple pending spot exchange-traded fund (ETF) products. Bloomberg ETF analysts predict a 90% likelihood of a spot Bitcoin ETF approval by January 10, with many anticipating a significant price rally in response.
However, not all analysts share the sentiment that a spot Bitcoin ETF approval will trigger the next bull run. CMC Markets analyst Tina Teng argues that while approval would be a positive development for the crypto industry, both Bitcoin and the broader macroeconomic landscape lack the necessary fundamentals to justify a complete trend reversal.