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Bitcoin Millionaire Wallets Triple in 2023 as Wholecoiners Increase

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In 2023, the Bitcoin ecosystem has seen a significant increase in wallet addresses holding over $1 million worth of Bitcoin, indicating a growing interest and investment in the cryptocurrency. According to BitInfoCharts, the number of these millionaire wallet addresses has risen from 23,795 at the start of the year to 81,925, marking a substantial 237% increase within just 11 months. It’s important to note, however, that these addresses may not represent individual investors exclusively, as many are associated with crypto exchanges and financial institutions.

This surge in high-value wallets follows a historical trend observed in November 2021, when Bitcoin reached its all-time high. Data from Glassnode revealed that the number of millionaire wallets peaked during this period, coinciding with Bitcoin’s record price of $69,000. Despite the subsequent market fluctuations, there has been a steady increase in the number of “wholecoiners” – wallet addresses holding at least one Bitcoin. This group has grown by approximately 4% since January 2023, indicating a persistent interest in Bitcoin investment amidst market volatility.

As of now, Bitcoin’s price stands at around $37,100, having risen 38% in the last month. This upward price movement has been partly fueled by the anticipation surrounding the approval of multiple spot exchange-traded fund (ETF) products. Analysts from Bloomberg ETF speculate there’s a 90% chance of a spot Bitcoin ETF being approved by early January 2023. This potential development has stirred positive sentiments in the market, with many expecting a significant rally in Bitcoin’s price following the approval.

Despite this optimism, not all market observers are convinced that a spot Bitcoin ETF approval would trigger a new bull run. Analysts like Tina Teng from CMC Markets suggest that while such an approval would be a positive step for the industry, the broader market and macroeconomic conditions might not be conducive to a significant reversal of the current trend. This cautious outlook reflects the complexity and unpredictability of the cryptocurrency market, where investor sentiment and regulatory developments play crucial roles in shaping market dynamics.

Jay Solano

Jay Solano

Jay is a crypto and NFT enthusiast dedicated to exploring the dynamic world of digital assets. As a crypto blog writer, he is sharing his knowledge of the latest trends, breakthroughs, and investment opportunities in the blockchain world.

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