Bitcoin Millionaire Wallets Surge Threefold in 2023

In a remarkable turn of events, the number of Bitcoin wallets boasting a cumulative value exceeding one million dollars has tripled in 2023.

BitInfoCharts reports a surge from 23,795 Bitcoin (BTC) millionaire wallets in January to a staggering 81,925 as of the latest data, reflecting a remarkable 237% increase. This surge correlates with the positive dynamics in the crypto market, particularly as Bitcoin continuously breaks its annual highs.

It’s crucial to note that millionaire wallets aren’t exclusively owned by individual users; many belong to crypto exchanges and financial institutions.

Glassnode data indicates that the peak in the number of addresses holding over $1 million worth of Bitcoin was during the last bull market in November 2021, reaching a record 112,573 addresses on Nov. 9, 2021, just before Bitcoin hit its all-time high of $69,000.

Interestingly, the number of “wholecoiners” — wallets holding at least 1 BTC — has seen a modest increase since the beginning of the year. Currently, there are 1,018,015 such addresses, marking a 4% growth compared to the 978,197 recorded on Jan. 1.

On Nov. 9, Bitcoin surged to a new high for 2023, crossing the $37,000 mark. Simultaneously, liquidations on futures contracts hit $151 million. This upward momentum coincided with the announcement from the US Securities and Exchange Commission about initiating negotiations with Grayscale concerning a spot Bitcoin ETF.

The first cryptocurrency closed October 2023 with a remarkable 28.5% increase, showcasing significant price jumps throughout the past month. The dynamics in Bitcoin’s price seem intricately connected to both market trends and regulatory developments, reinforcing its position as a key player in the evolving financial landscape.