There are currently over 81,000 Bitcoin wallet addresses with balances of $1 million or more. This year has seen a tripling in the number of cryptocurrency wallet addresses holding over $1 million in Bitcoin.
Since January 1, the number of addresses holding more than $1 million in BTC has climbed by 237%, from 23,795 to 81,925, according to statistics provided by BitInfoCharts.
Many of the addresses holding more than a million BTC are associated with cryptocurrency exchanges and financial organisations rather than individual users.
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According to Glassnode statistics, the number of addresses holding more than $1 million in Bitcoin reached its all-time high on November 9, 2021, a day before Bitcoin reached its all-time high of $69,021 on November 10, 2021.
Meanwhile, there has been a modest rise in the number of “wholecoiners” (wallets holding at least 1 BTC) since the beginning of the year. The number of such addresses has increased to 1,018,015 from 978,197 on January 1.
In spite of a larger price fall caused by a succession of high-profile crypto sector meltdowns, the highest growth in wholecoiners since 2018 happened between April and December of last year, demonstrating a robust accumulation tendency.
Over the last month, Bitcoin’s value has increased by 38 percent, to roughly $37,100. Market anticipation of many forthcoming spot exchange-traded fund (ETF) products has boosted the price of bitcoin.
Many investors anticipate a large price increase after Bloomberg ETF experts say there is a 90% probability a spot Bitcoin ETF will be authorised by January 10.
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Despite the market’s optimism, not all experts believe that the approval of a spot Bitcoin ETF would trigger the next bull run.
CMC Markets analyst Tina Teng said that although regulatory clearance would be good for the cryptocurrency sector, there are not enough fundamentals in Bitcoin or the macro environment as a whole to warrant a complete reversal of trend.
