The number of crypto wallet addresses holding more than $1 million in Bitcoin (BTC) has seen a significant surge over the past year. According to data from BitInfoCharts, the number of addresses with more than $1 million in BTC has more than tripled from 23,795 at the beginning of the year to 81,925 as of now, marking a 237% increase in just 11 months.
It’s important to note that the millionaire wallets are not solely owned by individual users, as many of these addresses belong to crypto exchanges and financial institutions. However, the growth in the number of addresses holding such a significant value in Bitcoin is indicative of the increasing adoption and interest in the leading cryptocurrency.
Comparative data from Glassnode further highlights the rapid increase in the number of addresses holding more than $1 million in Bitcoin. During the previous bull market in November 2021, the number of such addresses peaked at a record 112,573 on November 9, 2021, just one day before Bitcoin reached its all-time high of $69,000 on November 10, 2021.
Conversely, the number of “wholecoiners” or wallets with a balance of at least 1 BTC has also seen a slight uptick since the beginning of the year. Currently, there are 1,018,015 such addresses, representing a 4% increase from 978,197 at the start of the year. This indicates that while there has been significant growth in addresses holding more than $1 million in Bitcoin, there has also been a steady increase in the number of addresses holding at least 1 BTC.
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The rise in the number of wholecoiners, particularly between April and December of the previous year, points to a strong accumulation trend despite broader market volatility resulting from various high-profile industry meltdowns. It demonstrates a growing sentiment towards holding and accumulating Bitcoin, even during times of price fluctuations and market uncertainty.
Currently, Bitcoin is trading at nearly $37,100, representing a 38% increase over the last month. The price of Bitcoin has been buoyed by market enthusiasm for multiple pending spot exchange-traded fund (ETF) products. According to Bloomberg ETF analysts, there is a 90% chance that a spot Bitcoin ETF will be approved by January 10, and many expect a significant price rally to follow.
However, not all analysts are convinced that a spot Bitcoin ETF approval will necessarily lead to the next bull run. There are differing opinions on whether the approval would justify a significant trend reversal, as some argue that both the Bitcoin market and the wider macro landscape lack the necessary fundamentals to support a sustained bull run.
Despite the varying viewpoints on the impact of a spot Bitcoin ETF approval, the growing number of millionaire wallet addresses and wholecoiners underscores the increasing interest and adoption of Bitcoin by both institutional players and individual investors. This trend is indicative of the growing recognition of Bitcoin as a viable store of value and investment asset, driving substantial growth in the cryptocurrency space.
