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Bitcoin Millionaires Triple as Market Enthusiasm Grows in 2023

An in-depth look at the unprecedented rise in millionaire wallets and the potential impact of pending spot Bitcoin ETF approval on market dynamics.

In a surprising turn of events, the number of crypto wallet addresses holding $1 million or more in Bitcoin has tripled in 2023. According to data from BitInfoCharts, the count surged from 23,795 at the beginning of the year to an astonishing 81,925 as of now, marking a remarkable 237% increase in just 11 months.

Source: BitInfoCharts

Understanding the Data:

It's important to note that these millionaire wallets aren't necessarily owned by individual users. Many of them belong to crypto exchanges and financial institutions.

Glassnode's comparative data reveals that the peak of such addresses was reached during the last bull market in November 2021, with a record 112,573 addresses on the day before Bitcoin hit its all-time high of $69,000 on November 10, 2021.

Source: Glassnode

Wholecoiners on the Rise:

Apart from millionaire wallets, the number of "wholecoiners," referring to wallets with a balance of at least 1 BTC, has also seen a slight increase. Currently, there are 1,018,015 such addresses, representing a 4% growth from 978,197 at the beginning of the year. This indicates a consistent trend of accumulation, even during periods of broader market decline.

Source: Glassnode

Bitcoin's Current Status:

As of now, Bitcoin is trading at nearly $37,100, reflecting a notable 38% increase over the last month. This surge in price is attributed to the market's enthusiasm surrounding several pending spot exchange-traded fund (ETF) products. Bloomberg ETF analysts suggest a 90% chance of a spot Bitcoin ETF approval by January 10, anticipating a significant price rally to follow.

Differing Perspectives:

While many in the market express bullish sentiment, not all analysts are convinced that a spot Bitcoin ETF approval will trigger the next bull run. Tina Teng, an analyst at CMC Markets, argues that while approval would be positive for the crypto industry, Bitcoin and the broader macro landscape lack the necessary fundamentals for a complete trend reversal.


Conclusion:

The crypto landscape is experiencing a surge in millionaire wallets, indicating growing interest and investment in Bitcoin. As the market eagerly awaits the potential approval of a spot Bitcoin ETF, differing opinions persist regarding its impact on the overall trend. Whether this phenomenon marks a sustainable upward trajectory or a temporary surge remains to be seen.

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