Bitcoin Millionaire Wallets Triple in 2023
The number of Bitcoin wallets holding over a million dollars’ worth of coins has tripled in 2023, according to BitInfoCharts.
From 23,795 Bitcoin millionaires in January 2023, the number has surged to 81,925, marking a substantial 237% increase. This surge is attributed to positive market dynamics and Bitcoin hitting new annual highs.
It’s important to note that many millionaire wallets are not owned by individual users but by crypto exchanges and financial institutions.
Additionally, the number of addresses holding more than $1 million worth of Bitcoin peaked during the last bull market in November 2021, reaching a record 112,573 addresses before Bitcoin’s all-time high.
Rise in “Wholecoiners” and Bitcoin Price
The number of “wholecoiners,” or wallets with at least 1 BTC, has also seen a slight increase, now totaling 1,018,015 addresses compared to 978,197 at the start of the year.
In November 2023, Bitcoin set a new price high and saw a surge in liquidations on futures contracts amounting to $151m. The asset crossed the $37,000 mark on the same day amid news of negotiations between the US SEC and Grayscale for a spot Bitcoin ETF.
Hot Take: What Does This Mean for Crypto Investors?
If you’re a crypto investor, the surge in millionaire wallets and “wholecoiner” addresses indicates growing interest and investment in Bitcoin. The price surge and increased institutional involvement point towards a positive outlook for the cryptocurrency market as it continues to gain mainstream acceptance and adoption. Keep an eye on these trends as they could impact your investment decisions in the future.
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