The number of crypto wallet addresses holding over $1 million in Bitcoin has witnessed an unprecedented surge, tripling in the span of just 11 months. According to data from BitInfoCharts, the count has skyrocketed from 23,795 on January 1 to an astonishing 81,925 as of now. This marks a remarkable 237% increase.
Addressing the Surge, The Peak and Valleys
It’s crucial to note that these millionaire wallets don’t necessarily equate to individual users. Many of them are associated with crypto exchanges and financial institutions, highlighting the complex dynamics of the crypto space.
A comparative analysis provided by Glassnode reveals intriguing patterns. The pinnacle of addresses holding over $1 million in Bitcoin was observed during the zenith of the last bull market in November 2021. A record-breaking 112,573 addresses were recorded on November 9, 2021, just before Bitcoin achieved its all-time high of $69,000 on November 10, 2021.
Wholecoiners on the Rise: A Steady Incline
While the focus remains on millionaire wallets, it’s equally important to acknowledge the growth of “wholecoiners.” Wallets with a balance of at least 1 BTC have seen a 4% uptick. Notably, the current count standing at 1,018,015, up from 978,197 on January 1.
In the ever-fluctuating world of cryptocurrency, Bitcoin’s current value stands at nearly $37,100, marking an impressive 38% surge over the past month. This surge has been fueled by the market’s anticipation of several forthcoming spot exchange-traded fund (ETF) products.
ETF Projections: A Glimpse into the Future
Additionally, analysts at Bloomberg ETF project a 90% likelihood of a spot Bitcoin ETF approval by January 10. The expectation of a substantial price rally accompanies this prediction. However, skepticism remains, with some analysts, like Tina Teng from CMC Markets, expressing reservations.
Teng further argues an approval would positively impact the crypto industry. However, Bitcoin and the broader macro landscape may lack the fundamentals for a complete trend reversal.
Read More:
Algorand Foundation Transforms the Music Industry with Web3
Uniswap Labs Generates Over $1 Million in Cumulative Front-End Fees