In a year marked by unprecedented shifts in the crypto landscape, the number of crypto wallet addresses holding more than $1 million in Bitcoin has witnessed an astounding surge. BitInfoCharts data reveals a remarkable 237% increase, soaring from 23,795 on January 1 to an impressive 81,925 currently, underscoring the growing prominence of high-value holdings in the cryptocurrency realm.
It’s worth noting that the surge in millionaire wallets is not a direct reflection of individual users, as a considerable number of these addresses belong to crypto exchanges and financial institutions. This trend highlights the increasing institutional involvement and the evolving dynamics of wealth distribution within the crypto space.
Comparative data from Glassnode provides further insights, indicating that the peak in addresses holding more than $1 million in Bitcoin coincided with the climax of the last bull market in November 2021. On November 9, 2021, a record 112,573 such addresses were recorded—the day before Bitcoin achieved its all-time high of $69,000 on November 10, 2021.
In contrast, the number of “wholecoiners,” referring to wallets with a balance of at least 1 BTC, has shown a more modest increase. Currently, there are 1,018,015 such addresses, marking a 4% growth from 978,197 on January 1. This growth, despite occasional market downturns, indicates a sustained accumulation trend, particularly notable in the period between April and December of the previous year.
Bitcoin’s current market price of nearly $37,100 reflects a robust 38% increase over the last month. Market enthusiasm surrounding multiple pending spot exchange-traded fund (ETF) products has been a driving force behind this surge. Bloomberg ETF analysts predict a 90% chance of a spot Bitcoin ETF approval by January 10, anticipating a subsequent significant price rally.
However, amidst the bullish sentiment, not all analysts are convinced that a spot Bitcoin ETF approval will single-handedly initiate the next bull run. CMC Markets analyst Tina Teng asserts that while approval would undoubtedly be positive for the crypto industry, the broader macro landscape and Bitcoin’s fundamentals may not be sufficiently robust to justify a complete trend reversal.
As the crypto market continues to evolve, the surge in millionaire wallets stands as a testament to the changing dynamics of wealth distribution and the growing impact of institutional players in the crypto space. The coming months will undoubtedly unfold new chapters in the ever-evolving narrative of digital assets.
