The number of Bitcoin millionaire wallets will triple by 2023
Crypto wallet addresses holding more than $1 million in Bitcoin (BTC) have more than tripled this year.
According to BitInfoCharts data, the number of addresses with more than $1 million in BTC increased from 23,795 on January 1 to 81,925, a 237% increase over the past 11 months.
Millionaire wallets are not one-to-one with individual users, as many addresses with more than $1 million BTC are crypto exchanges and financial institutions.
Glassnode's comparative data shows that the number of addresses holding more than $1 million in Bitcoin peaked at the peak of the last bull market in November 2021, with a record 112,573 addresses posting on November 9, 2021, one day before Bitcoin hit its all-time high. Maximum $69,000 by November 10, 2021.
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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, a 4% increase from 978,197 on January 1.
The largest increase in wholecoiners since 2018 was seen between April and December of last year, despite a significant drop in prices.
Bitcoin is currently changing hands at around $37,100, up 38% from last month. Bitcoin prices have been bought by market anticipation for several pending exchange-traded fund (ETF) products.
Bloomberg ETF analysts say there is a 90% chance a bitcoin ETF will be approved on January 10th, and many expect a significant price rally to follow.
Over the last couple of weeks I've gotten a lot of questions regarding my view on the Spot #Bitcoin ETF. This is the first part of my memo yesterday with Eric Balchunas.
TLDR: Our view hasn't changed much pic.twitter.com/Htsi3n2XxV
— James Seyff (@JSeyff) October 13, 2023
Despite the market's bullish sentiment, not all analysts are convinced that the approval of a Bitcoin ETF somewhere will start the next bull run.
CMC Markets analyst Tina Teng said the approval would be positive for the crypto industry, as neither bitcoin nor the broader macro landscape lacks the fundamentals to warrant a comprehensive trend reversal.
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