- The number of Bitcoin wallets holding over 1 million dollars worth of BTC has more than tripled in 2023 to over 81,000.
- The number of “wholecoiner” wallets holding at least 1 full BTC has also grown 4% this year to over 1 million wallets.
- Bitcoin’s price is up 38% in the past month, partly driven by optimism about a potential Bitcoin spot ETF approval, though analysts are split on its market impact.
The crypto market has seen substantial growth in wealthy Bitcoin holders this year, indicating strong ongoing accumulation.
Wallets With Over 1 Million in Bitcoin Triple in 2023
Data from BitInfoCharts shows the number of addresses holding more than 1 million in Bitcoin (BTC) has more than tripled from 23,795 on Jan 1 to 81,925 currently, a 237% increase in the last 11 months.
Currently, 81,925 wallet addresses hold more than 1 million in BTC, according to BitInfoCharts. The millionaire wallets are not one-to-one with individual users, as many addresses with over 1 million BTC belong to crypto exchanges and financial institutions.
Meanwhile, the data from Glassnode shows the number of addresses holding more than 1 million in Bitcoin peaked during the top of the last bull market in November 2021, posting a record 112,573 addresses on Nov 9, 2021, the day before Bitcoin notched its all-time high of $69,000 on Nov 10, 2021.
The Number of Wholecoiners Also Grows in 2023
Meanwhile, the number of so-called “wholecoiners” (wallets with a balance of at least 1 BTC) has increased slightly since the beginning of the year. Currently there are 1,018,015 such addresses, a 4% increase from 978,197 on Jan 1.
The largest increase in wholecoiners since 2018 occurred between April and December last year, showing a strong accumulation trend despite a broader price decline resulting from a slew of high-profile crypto industry meltdowns.
Bitcoin Price Outlook Remains Bullish
Bitcoin is currently changing hands for nearly $37,100, up 38% over the last month. Bitcoin’s price has been buoyed by market enthusiasm for multiple pending spot exchange-traded fund (ETF) products.
Bloomberg ETF analysts claim there’s a 90% chance a spot Bitcoin ETF will be approved by Jan 10, with many expecting a significant price rally to follow. Despite the market’s bullish sentiment, not all analysts are convinced that a spot Bitcoin ETF approval will launch the next bull run.
The growth in Bitcoin millionaire wallets and wholecoiners in 2023 indicates ongoing accumulation and positive sentiment despite the crypto bear market. While the possibility of an ETF approval stokes bullish predictions, the market likely requires further fundamental drivers to justify a full trend reversal.