With Bitcoin’s remarkable recovery from its 2022 downturn, it comes as no surprise that there has been a corresponding resurgence in the number of Bitcoin millionaires. Although Bitcoin was predominantly trading below $30,000 during the majority of the year, the digital currency now stands strong at $37,050, which is an increase of over 120% from the start of the year. This skyrocketing value has ultimately increased the number of Bitcoin millionaires to 88,628 as of November 12, up more than threefold from the 28,084 registered in January 2023. The data indicates a jaw-dropping surge of 215% and highlights the significant distribution of Bitcoin wealth among wallet addresses in recent times.
Dissected: The Number of Millionaires and Addresses Involved
An examination of the latest numbers reveals that at present, there are a total of 81,962 addresses containing at least $1 million worth of Bitcoin. There are also 6,666 wallet addresses boasting a whopping $10 million or more in digital assets. Comparatively speaking, these figures represent a massive increase from the mere 28,084 Bitcoin millionaires reported in January this year. At that time, only 3,805 addresses held upwards of $10 million worth of the digital currency. The rapid ascent in Bitcoin millionaires can be traced back to its price hike, which has seen the cryptocurrency break seemingly insurmountable price barriers in record time.
Bitcoin Exchange-Traded Fund (ETF) Brings Forth Hope & Optimism
A contributing factor to the current surge in Bitcoin value and the substantial increase in millionaires and “wholecoiners” can be attributed to the anticipation for the approval of the first-ever Bitcoin spot Exchange-Traded Fund (ETF). According to Finbold reports, the U.S. Securities and Exchange Commission is evaluating twelve separate ETF spots within the coming week. Leading analysts predict that this development could potentially mark the beginning of one of the most significant bull runs in Bitcoin’s relatively young history.
The Rise of Bitcoin Millionaire Wallet Addresses
- 81,000+ wallet addresses holding $1 million or more worth of Bitcoin have surfaced since the start of 2023.
- This staggering number represents a tripling of millionaire wallets compared to that recorded at the beginning of the year.
- It is crucial to note that these wallet addresses may not always equate to individual users, as several belong to institutions such as crypto exchanges and financial companies.
- The peak of the last major bull market in November 2021 witnessed a record 112,573 addresses with over $1 million in Bitcoin assets.
Influence on Wholecoiner Numbers
Subsequently, this surge has also had an impact on the specific community of Bitcoin investors known as “wholecoiners.” This term refers to those wallet holders boasting a minimum balance of 1 BTC within their possession. With Bitcoin trading at almost $37,100, the number of wholecoiners has surged significantly throughout the course of this year. Bloomberg ETF analysts have forecast a high probability of a spot ETF being approved by January 10, sparking further optimism within the market and fueling expert predictions of a much-anticipated rally in Bitcoin prices.
For Bitcoin enthusiasts around the world, 2023 has been nothing short of sensational. With a remarkable recovery firmly in motion and ETF approvals looming on the horizon, it is evident that Bitcoin millionaires are experiencing unprecedented growth on an individual level. Although wallet addresses may not wholly represent each unique investor, this resurgent trend will likely continue to generate immense excitement surrounding cryptocurrency and create opportunities for existing and prospective investors alike.
