Number of Bitcoin millionaire wallets doubles in 2023

Number of Bitcoin Millionaire Wallets to Double by 2023

Author: Tom Mitchelhill, Cointelegraph; Translation: Song Xue, LianGuai

According to BitInfoCharts data, the number of addresses with BTC worth over $1 million increased from 23,795 on January 1st to the current 81,925, a growth of 237% over the past 11 months.

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Currently, 81,925 wallet addresses hold over $1 million worth of BTC. Source: BitInfoCharts

Millionaire wallets are not one-to-one with individual users, as many addresses with over $1 million worth of BTC belong to cryptocurrency exchanges and financial institutions.

Comparative data from Glassnode shows that the number of addresses holding over $1 million worth of Bitcoin reached its peak in the last bull market (November 2021), with a record of 112,573 addresses on November 9, when Bitcoin reached its all-time high of $69,000 on November 10, 2021.

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The number of “millionaire” Bitcoin wallets has grown by over 237% since the beginning of the year. Source: Glassnode

Meanwhile, the number of “wholecoiners” – wallets with at least 1 BTC balance – has slightly increased since the beginning of the year. Currently, there are 1,018,015 such addresses, a 4% increase from January 1st when there were 978,197.

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The number of wholecoiners has increased by 4% since January 1st. Source: Glassnode

The largest increase since 2018 occurred between April and December last year, showing a strong accumulation trend despite a series of notable crypto industry crashes leading to more widespread price declines.

The current price of Bitcoin is close to $37,100, up 38% from last month. The market’s enthusiasm for various pending spot exchange-traded funds (ETFs) has boosted the price of Bitcoin.

Bloomberg ETF analyst states that there is a 90% possibility of approving a physically-backed Bitcoin ETF on January 10th, and many expect a significant price increase afterwards.

Although the market sentiment is bullish, not all analysts believe that the approval of a physically-backed Bitcoin ETF will trigger the next bull market.

CMC Markets analyst Tina Teng says, “While the approval of Bitcoin is positive for the crypto industry, both Bitcoin and the broader macro pattern lack the necessary fundamentals to prove the rationality of a comprehensive trend reversal.