Bitcoin’s Millionaire Club Expands: Wallets with $1M+ Balances Triple in 2023
By Benzinga
This year has seen a significant rise in the number of wallet addresses holding over $1 million in Bitcoin (CRYPTO: BTC), with the figures tripling to over 81,000.
What Happened: A report published on Cointelegraph on Sunday, reveals data from BitInfoCharts showing a 237% increase in Bitcoin millionaire wallets this year. These wallets have skyrocketed from 23,795 on January 1 to 81,925 presently.
It’s important to note that these addresses do not necessarily represent individual users, as a significant portion belongs to crypto exchanges and financial institutions.
Data from Glassnode indicates that the peak number of wallets holding over $1 million in Bitcoin reached during the last bull market’s peak in November 2021, with a record 112,573 addresses. Moreover, the number of “wholecoiners” or wallets with at least 1 Bitcoin has also slightly increased this year.
Why It Matters: Currently, Bitcoin is trading at approximately $37,100, reflecting a 38% increase over the past month. This surge is largely attributed to the market excitement surrounding several upcoming spot exchange-traded fund (ETF) products.
The rise in “wholecoiners” or wallets holding at least 1 Bitcoin also indicates the growing popularity of Bitcoin as a long-term investment.
Image via Shutterstock
This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
