The Surge in Bitcoin Millionaires
If you’ve been following the world of cryptocurrency, you’ll be interested to know that the number of crypto wallet addresses holding more than $1 million in Bitcoin (BTC) has more than tripled this year. According to BitInfoCharts data, the number of addresses with over $1 million in BTC has increased from 23,795 on Jan. 1 to 81,925 currently, marking a 237% increase in the last 11 months.
It’s important to note that not all millionaire wallets represent individual users, as many addresses with more than $1 million BTC belong to crypto exchanges and financial institutions. Comparative data from Glassnode shows that the number of addresses holding more than $1 million in Bitcoin peaked during the top of the last bull market in November 2021.
Wholecoiners on the Rise
Meanwhile, the number of so-called “wholecoiners” — wallets with a balance of at least 1 BTC — has also increased slightly since the beginning of the year. Currently, there are 1,018,015 such addresses, a 4% increase from 978,197 on Jan. 1. The largest increase in wholecoiners since 2018 occurred between April and December last year showing a strong accumulation trend despite a broader price decline resulting from a slew of high-profile crypto industry meltdowns.
Bitcoin Price and Market Sentiment
Despite recent market enthusiasm for multiple pending spot exchange-traded fund (ETF) products, not all analysts are convinced that a spot Bitcoin ETF approval will launch the next bull run. CMC Markets analyst Tina Teng claimed that while an approval would be positive for the crypto industry, both Bitcoin and the wider macro landscape lack the required fundamentals to justify an all-out trend reversal.
Hot Take: Future of Bitcoin ETFs
As excitement grows around potential spot exchange-traded fund (ETF) products for Bitcoin, it’s clear that there’s still skepticism among analysts about whether an ETF approval will lead to a significant price rally or launch a new bull run. While it’s evident that millionaire wallets and wholecoiners are on the rise, it remains uncertain how these trends will play out in relation to future ETF approvals and broader market sentiment.
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