In 2023, the number of Bitcoin millionaire wallets has seen a notable increase. Data from BitInfoCharts reveals that the count of wallet addresses holding over $1 million in Bitcoin has surged from 23,795 at the start of the year to 81,925 currently, marking a 237% rise in just 11 months. However, it’s important to note that these millionaire wallets are not exclusively individual users, as many belong to cryptocurrency exchanges and financial institutions.
The peak in the number of addresses holding over $1 million in Bitcoin was recorded during the last bull market’s climax in November 2021, reaching 112,573 addresses. This coincided with Bitcoin reaching its all-time high of $69,000. Additionally, the number of “wholecoiners” – wallets with at least 1 BTC – has also risen by 4% since January 1st, totaling 1,018,015 addresses.
This increase in wholecoiners and millionaire wallets, despite some industry turmoil, indicates a strong accumulation trend. Bitcoin’s current price near $37,100 reflects a 38% increase over the past month, partly driven by the anticipation of multiple pending spot exchange-traded fund (ETF) products. Bloomberg ETF analysts suggest a high probability of a spot Bitcoin ETF approval by January 10, which could potentially trigger a significant price rally.
However, opinions vary among analysts regarding the impact of a spot Bitcoin ETF approval on initiating a new bull run. CMC Markets analyst Tina Teng cautions that while approval could benefit the crypto industry, the current market conditions and broader macroeconomic factors might not support a major trend reversal.
