The number of cryptocurrency wallet addresses holding more than $1 million worth of Bitcoin (BTC) has more than tripled this year.
BitInfoCharts data shows that the number of addresses holding more than $1 million worth of Bitcoin has risen from 23,795 on January 1 to 81,925 currently, an increase of 237% in the last 11 months.
Millionaire wallets are not individualized with individual users, as many addresses containing more than $1 million worth of Bitcoin belong to cryptocurrency exchanges and financial institutions.
Comparable data from Glassnode shows that the number of addresses holding more than $1 million worth of Bitcoin peaked during the last bull market peak in November 2021, hitting a record high of 112,573 addresses on November 9, 2021, the day before Bitcoin reached its highest levels on Launch. High $69,000 on November 10, 2021.
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Meanwhile, the number of so-called “coin collectors” – wallets with a balance of at least 1 Bitcoin – has increased slightly since the beginning of the year. Currently, there are 1,018,015 such addresses, an increase of 4% from 978,197 on January 1.
The largest increase in full coins since 2018 occurred between April and December last year showing a strong cumulative trend despite a broader price decline resulting from a series of high-profile collapses in the cryptocurrency industry.
Bitcoin is currently trading for approximately $37,100, up 38% from last month. Bitcoin price has been supported by market enthusiasm for several pending exchange-traded fund (ETF) products.
Bloomberg ETF analysts claim there is a 90% chance the spot Bitcoin ETF will be approved by January 10, and many expect a significant price spike after that.
I’ve been getting a lot of questions regarding my current view on Spot #Bitcoin ETFs over the past two weeks. This is the first section of the memo I wrote yesterday @Eric Balchunas.
TLDR: Our view hasn’t changed much https://t.co/dRAm5IsdQf pic.twitter.com/Htsi3n2XxV
– James Seyff (@JSeyff) October 13, 2023
Despite the bullish market sentiment, not all analysts are convinced that the immediate approval of a Bitcoin exchange-traded fund will spark the next uptrend.
CMC Markets analyst Tina Teng claimed that while the approval would be positive for the cryptocurrency industry, both Bitcoin and the broader macro landscape lack the fundamentals required to justify an overall trend reversal.
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