In 2023, Bitcoin millionaire wallets tripled to over 81,000, with a slight increase in ‘wholecoiner’ addresses.
The Bitcoin landscape has witnessed a remarkable surge in the number of millionaire wallets in 2023. As of now, an impressive count of over 81,000 wallet addresses hold Bitcoin valued at $1 million or more. This significant growth marks a 237% increase from the beginning of the year, when only 23,795 addresses reached this milestone. The source of this data, BitInfoCharts, highlights the dynamic nature of Bitcoin’s value and its influence on investor wealth.
It’s crucial to note that these millionaire wallets do not represent individual investors alone. A substantial portion of these addresses belong to various cryptocurrency exchanges and financial institutions. This aspect underscores the diversified nature of Bitcoin ownership and its widespread appeal across different sectors. Comparative insights from Glassnode, another analytics firm, reveal that the peak of Bitcoin millionaire addresses coincided with the cryptocurrency’s highest market value. Back in November 2021, when Bitcoin hit its all-time high of $69,000, the number of millionaire addresses reached an unprecedented 112,573.
The Rise of Wholecoiners
The term ‘wholecoiners’ refers to wallets containing at least one full Bitcoin. The number of such addresses has seen a modest yet noteworthy increase of 4% since January 2023, currently standing at 1,018,015. This trend reflects a steady growth in Bitcoin ownership, even among those who may not classify as millionaires. The most significant jump in the number of wholecoiners occurred between April and December of the previous year, indicating a strong inclination towards accumulating Bitcoin amidst a declining price trend and industry upheavals.
As of now, Bitcoin trades at nearly $37,100, marking a 38% increase over the past month. This rise is partly fueled by the market’s enthusiasm for several upcoming spot exchange-traded fund (ETF) products. Bloomberg ETF analysts predict a high likelihood of a spot Bitcoin ETF being approved shortly, potentially leading to a significant rally in Bitcoin’s price. However, not all market analysts share this optimistic outlook. For instance, Tina Teng from CMC Markets suggests that while an ETF approval would benefit the crypto industry, the fundamentals of Bitcoin and the broader economic environment may not support a complete trend reversal.
The year 2023 has been pivotal for Bitcoin, especially in terms of the growth in millionaire wallets and wholecoiners. This trend reflects both the asset’s volatility and its enduring appeal among diverse investor groups. As the market anticipates new developments like the potential approval of a Bitcoin ETF, it remains to be seen how these factors will shape Bitcoin’s trajectory in the near future.