The number of cryptocurrency wallet addresses holding more than $1 million worth of Bitcoin has surged over the past year, according to BitInfoCharts data. Starting at 23,795 on January 1, the count has remarkably risen to 81,925, marking a significant 237% increase over the span of 11 months. It's important to note that these millionaire wallets don't equate to individual users as many of these addresses are owned by cryptocurrency exchanges and financial institutions.
Comparing this increase to the last bullish period in November 2021, Glassnode data reveals that the number of addresses possessing more than $1 million in Bitcoin had peaked at 112,573 just before Bitcoin reached its all-time high of $69,000 on November 10, 2021. Meanwhile, the count of "wholecoiners" — wallets holding at least 1 BTC — has shown a slight uptick since the beginning of the year. Presently, there are 1,018,015 such addresses, marking a 4% rise from the 978,197 addresses recorded on January 1.
The most notable surge in millionaire wallets occurred between April and December of the preceding year, indicating a strong accumulation trend despite several major cryptocurrency market crashes that caused broader price dips.
Bitcoin is currently trading around $37,100, exhibiting a 38% increase from the previous month. This recent upswing in Bitcoin's price is being fueled by market optimism surrounding the anticipation of multiple forthcoming spot exchange-traded fund (ETF) products. Bloomberg ETF analysts predict a 90% likelihood of a spot Bitcoin ETF being approved by January 10, with many anticipating a sharp surge in Bitcoin's price as a result. However, not all analysts share the conviction that the approval of a spot Bitcoin ETF will trigger the next bullish market phase.
Tina Teng, an analyst at CMC Markets, expressed that while the approval of the ETF signals positivity for the cryptocurrency industry, both Bitcoin and the broader macroeconomic landscape lack the essential fundamentals necessary to justify a complete trend reversal.
