The quantity of Bitcoin millionaire wallets has surged impressively this year.
As per the latest data from BitInfoCharts, wallets holding over $1 million in Bitcoin (BTC) have seen a dramatic increase. The count of such addresses jumped from 23,795 at the start of the year to 81,925, marking a 237% rise in less than a year.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
10 Biggest Crypto Scams & How to Avoid Them (ANIMATED)
This significant increase, however, does not directly equate to individual wealth growth. Many of these high-value wallets belong to cryptocurrency exchanges and financial institutions rather than individual users.
Reflecting on the historical trends, Glassnode data reveals that the number of millionaire Bitcoin addresses jumped during the peak of the last bull market in November 2021. This was when Bitcoin reached its all-time high value of $69,000 on November 10th, 2021. On the day before, the number of these addresses hit a record of 112,573.
In a related trend, the category of "wholecoiners" – wallets containing at least one full Bitcoin – has also seen more modest growth. From 978,197 at the beginning of the year, the number has risen to 1,018,015, marking a 4% increase.
Notably, the most significant surge in wholecoiner wallets occurred between April and December last year, despite a general price decline influenced by several major collapses in the crypto industry.
Bitcoin's trading value currently hovers around $37,000, having increased by 38% over the past month. This uptrend is partly fueled by the market's positive response to potential spot exchange-traded fund (ETF) products. Bloomberg ETF analysts estimate that a spot Bitcoin ETF should be approved by January 10th, and many anticipate a consequential price rally.
Want to test your knowledge of Bitcoin and other Web3-based concepts? It is your time to shine. Save your spot in the Web3 exam on bitdegree.org, and let's meet on the exam day!
