Millionaire Bitcoin Wallets Triple in 2023 as Wholecoiners Accumulate

The number of Bitcoin (BTC) millionaires has skyrocketed so far in 2023, according to data from BitInfoCharts. 

In January 2023, there were 23,795 BTC addresses holding over $1 million worth of bitcoin. As of November 13, 2023, this number has jumped to 81,925, representing an increase of over 237%. 

Millionaire Bitcoin Wallets Triple in 2023 as Wholecoiners Accumulate

Bitcoin distribution | Source: BitInfoCharts

However, while the growth in millionaire wallets is eye-catching, it’s important to note these addresses are not necessarily owned by individual investors, as many of them belong to exchanges, financial institutions and funds that hold large amounts of bitcoin. 

According to Glassnode, the previous record for most millionaire BTC addresses was set in November 2021 at the height of the last crypto bull market. On November 9, 2021, there were 112,573 wallets holding over $1 million in bitcoin, just before BTC hit its all-time high of $69,000.

Furthermore, the number of “wholecoiner” wallets (holding at least 1 BTC) has also grown slightly in 2023, which is up 4% since the beginning of the year to 1,018,015 as of mid-November. 

On November 9th, Bitcoin recently hit a new 2023 high, crossing above $37,000. This price jump triggered $151 million in liquidations on futures contracts. The price spike followed news that the SEC has entered talks with Grayscale regarding a spot bitcoin ETF in the US.

With October seeing a 28.5% BTC price gain, the positive momentum has carried into November for the leading cryptocurrency.

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2023-11-13 14:49