Bitcoin Millionaire Wallets Surge
The number of crypto wallet addresses holding more than $1 million in Bitcoin (BTC) has more than tripled this year, according to data from BitInfoCharts. The number of addresses with over $1 million in BTC increased from 23,795 at the start of the year to 81,925 currently, marking a 237% increase in the last 11 months. However, it is important to note that these millionaire wallets are not solely owned by individual users, as many of them belong to crypto exchanges and financial institutions.
Record Highs During Last Bull Market
Comparative data from Glassnode reveals that the number of addresses holding more than $1 million in Bitcoin reached its peak during the previous bull market in November 2021. On November 9, 2021, there were a record 112,573 addresses with over $1 million, just a day before Bitcoin hit its all-time high of $69,000 on November 10, 2021.
Steady Increase in Wholecoiners
While the number of millionaire wallets has seen a significant surge, the number of "wholecoiners" - wallets with a balance of at least 1 BTC - has only slightly increased since the beginning of the year. Currently, there are 1,018,015 such addresses, which is a 4% increase from the 978,197 addresses on January 1. Notably, the largest increase in wholecoiners occurred between April and December last year, indicating a strong accumulation trend despite a broader price decline in the crypto industry.
Bitcoin Price and ETF Speculation
Bitcoin is currently trading at nearly $37,100, experiencing a 38% increase over the past month. The price of Bitcoin has been supported by market optimism surrounding the potential approval of multiple spot exchange-traded fund (ETF) products. Analysts from Bloomberg ETF predict a 90% chance of a spot Bitcoin ETF approval by January 10, 2022, and many expect it to trigger a significant price rally.
Mixed Views on ETF Approval
Despite the bullish sentiment in the market, not all analysts are convinced that a spot Bitcoin ETF approval will lead to the next bull run. Tina Teng, an analyst from CMC Markets, believes that while an approval would be positive for the crypto industry, both Bitcoin and the wider macro landscape lack the necessary fundamentals to justify a complete trend reversal.
