Bitcoin Creates Wealth for Crypto Investors
Bitcoin’s resurgence in 2023 has led to a significant rise in the number of Bitcoin millionaires. These are wallet addresses holding BTC worth $1 million or more.
Number of Bitcoin Millionaires
According to data from BitInfoCharts, there are currently 97,497 Bitcoin millionaires. This is a substantial increase from the beginning of the year when there were only 23,795 wallet addresses with $1 million or more. Glassnode’s data confirms this trend.
The increase in Bitcoin’s price this year, with a gain of over 158% year-to-date, is responsible for this development. As the price of Bitcoin rose, so did the number of millionaires.
Categorizing Bitcoin Millionaires
BitInfoCharts provides further data on Bitcoin millionaires. There are 90,040 addresses with holdings greater than $1 million and 7,457 addresses holding $10 million or more.
In addition to these millionaires, other addresses with holdings below $1 million have also seen significant profits. Santiment reports that 89% of the total Bitcoin supply is currently in profits. This suggests a potentially better year for these addresses in 2024 when another bull market is expected.
Selling and Spot Bitcoin ETFs
Some Bitcoin millionaires and individuals with significant holdings have been taking profits. Reports indicate that around 50,000 BTC worth about $2.2 billion has been sold by Bitcoin whales.
There is optimism surrounding the approval of pending Spot Bitcoin ETFs by the Securities and Exchange Commission (SEC). Approval of these ETFs could bring fresh liquidity into the Bitcoin ecosystem and potentially drive the price to new all-time highs.
However, there are concerns from individuals like Arthur Hayes, former CEO of BitMEX, who believes that the success of these ETFs could lead to Bitcoin’s downfall.
Current Bitcoin Price
At the time of writing, Bitcoin is trading at around $42,678.76, experiencing a slight decrease of over 1% in the last 24 hours according to data from CoinMarketCap.
Hot Take: Bitcoin’s Rise Creates Wealth for Crypto Investors
The resurgence of Bitcoin has led to a significant increase in the number of Bitcoin millionaires. The rise in price has fueled this trend, resulting in more wallet addresses holding $1 million or above. Additionally, other addresses with holdings below $1 million have also seen substantial profits. With the potential approval of Spot Bitcoin ETFs, there is optimism for increased liquidity and future growth in the Bitcoin ecosystem. However, there are concerns about the impact of these ETFs on Bitcoin’s stability. Despite recent fluctuations in price, Bitcoin continues to be a lucrative investment option for crypto investors.
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