The number of crypto wallet addresses holding more than $1 million in Bitcoin has more than tripled in 2023, according to data from BitInfoCharts. The count increased from 23,795 on January 1 to 81,925 currently, marking a 237% rise over the past 11 months. It’s important to note that these millionaire wallets are not one-to-one with individual users, as many of them belong to crypto exchanges and financial institutions.
Comparative data from Glassnode reveals that the number of addresses holding more than $1 million in Bitcoin peaked during the previous bull market in November 2021, reaching a record 112,573 addresses on November 9, 2021, the day before Bitcoin hit its all-time high of $69,000.
Meanwhile, the number of “wholecoiners” (wallets with a balance of at least 1 BTC) has slightly increased since the beginning of the year, reaching 1,018,015 addresses, a 4% increase from January 1. The most significant increase in wholecoiners since 2018 occurred between April and December of the previous year, indicating a strong accumulation trend despite the broader price decline resulting from various crypto industry challenges.
Bitcoin’s current price is nearly $37,100, reflecting a 38% increase over the last month. The positive market sentiment is attributed to the anticipation of several pending spot exchange-traded fund (ETF) products. While some analysts expect a spot Bitcoin ETF approval to trigger a significant price rally, others remain cautious, noting that both Bitcoin and the broader macro landscape lack the necessary fundamentals for a complete trend reversal.
My professional background is in public relations and I am the founder of Cryptochating. My journey into blockchain technology started four years ago, and I haven't looked back since then. The future of decentralized technology is incredibly fascinating to me, and I am passionate about communicating how it will change the world.