Number of Bitcoin Millionaire Wallets Explodes in 2023

Bitcoin Millionaire Addresses on the Rise

Data from BitInfoCharts shows the number of crypto wallet addresses with more than $1 million in Bitcoin (BTC) has more than tripled since the start of the year. On Jan. 1, there were 23,795 addresses with more than $1 million in BTC, compared to 81,925 currently, a 237% increase.

It’s important to note that many of these millionaire wallets are not owned by individual users, but rather by crypto exchanges and financial institutions.

Glassnode data reveals that the number of addresses holding more than $1 million in Bitcoin peaked during the last bull market in November 2021. On Nov. 9, 2021, there was a record 112,573 addresses with more than $1 million in BTC, the day before Bitcoin hit its all-time high of $69,000.

Bitcoin Price Rally and Wholecoiners Increase

Since the beginning of the year, the number of wallets with a balance of at least 1 Bitcoin (BTC) – called “wholecoiners” – has increased by 4%. As of now, there are 1,018,015 such addresses.

The strongest growth in wholecoiners was observed between April and December of last year, despite the overall decline in the price of Bitcoin caused by a series of crypto industry issues.

At the moment, Bitcoin is traded at around $37,100, representing a 38% increase over the last month. This growth is stimulated by the market anticipation of several spot exchange-traded fund (ETF) products.

According to Bloomberg ETF analysts, there is a 90% chance that a spot Bitcoin ETF will be approved by Jan. 10, which is expected to lead to a significant price rally.

Despite the bullish sentiment of the market, not all analysts are convinced that a spot Bitcoin ETF approval will be the trigger for the next bull run.

Tina Teng, an analyst at CMC Markets, said that while an approval would be a positive for the crypto industry, both Bitcoin and the wider macro landscape lack the fundamentals necessary to justify a full-scale trend reversal.

The difference between Web 1.0, 2.0, 3.0 and 4.0 is a hot topic of discussion, and the question of whether there is a Web 3.0 is still up for debate. However, the differences between Web 2.0 and Web 3.0 are quite distinct, with the latter being more focused on the decentralization of the web.

The SOFI Web 3.0 ETF is one of the few ETFs that focuses on Web 3.0, and it has been gaining traction in recent months.