According to data from BitInfoCharts, the number of wallet addresses holding more than $1 million in Bitcoin has rallied 237% within 11 months, from 23,795 on January 1 to 81,925 now. Millionaire wallets include not only personal wallets but also wallets that belong to crypto exchanges and financial institutions.
Data from Glassnode shows the number of addresses holding more than $1 million worth of Bitcoin hit the highest level during the peak of the bull market in Nov 2021 at 112,573 (Nov 9, 2021) – just 1 day before Bitcoin hit its all-time high. Meanwhile, the number of “wholecoiners” – wallets with a balance of at least 1 BTC, has increased slightly since the beginning of the year. There are currently 1,018,015 wholecoiners, up 4% from 978,197 on January 1.
Since 2018, the largest surge in the number of wholecoiners occurred between April and December last year, showing the strong accumulation trend despite widespread price drops due to a series of crises in the crypto industry.
Bitcoin is trading around $37,045, up 38% over the previous month. Bitcoin’s bullish momentum comes from market excitement about Bitcoin ETFs. Bloomberg analysts claim there is a 90% chance that a spot Bitcoin ETF will be approved before January 10 next year. Many users expect this will help Bitcoin have a significant price rally afterward.
However, not all analysts believe in this scenario. CMC Markets analyst Tina Teng said that while the approval of an ETF would be positive for the crypto industry, both Bitcoin and the broader macro landscape lack the necessary fundamentals for an all-out trend reversal.