Bitcoin Wallets Holding $1 Million or More Surge 237% in 2023

• Anticipation of forthcoming spot ETF products has boosted the price of most cryptocurrencies.
• The number of addresses holding more than $1 million in BTC has climbed to 81,925.

This year, the number of cryptocurrency wallet addresses with over $1 million in Bitcoin has increased by more than a factor of three. According to statistics compiled by BitInfoCharts, the number of addresses holding more than $1 million in BTC has climbed from 23,795 on January 1 to 81,925 at now, a growth rate of 237%.

Many of the addresses holding more than a million in BTC are associated with cryptocurrency exchanges and financial organizations rather than users as individuals.

The number of addresses holding more than $1 million in Bitcoin reached its all-time high on November 9, 2021, one day before Bitcoin reached its ATH of $69k on November 10, 2021, according to statistics compiled by Glassnode.

Meanwhile, there has been a modest rise in the number of “wholecoiners” (wallets holding at least 1 BTC) since the start of the year. The number of such addresses has increased to 1,018,015 from 978,197 on January 1.

Between April and December of last year, wholecoins increased by the most since the beginning of 2018, indicating a robust accumulation tendency despite a larger price fall caused by a number of significant collapses in the sector.

All Eyes on Spot Bitcoin ETF Approval

The current price of Bitcoin is close to $37,000, an increase of 38.64 percent in the last 30 days. Investor’s anticipation of many forthcoming spot ETF products has boosted the price of most cryptocurrencies.

Many investors anticipate a large price increase after Bloomberg ETF experts estimate there is a 90% probability a spot Bitcoin ETF will be approved by January 10. Despite the market’s optimism, not all experts believe that the approval of a spot Bitcoin ETF would spark the next bull run.

At the time of writing, Bitcoin is trading at $36,954, down 0.42% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up by just 2.81%.

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