– The number of crypto wallet addresses holding more than $1 million in Bitcoin has tripled this year, reaching 81,925 currently.
– Many of these millionaire wallets belong to crypto exchanges and financial institutions, rather than individual users.
– The peak number of addresses holding more than $1 million in Bitcoin was recorded in November 2021, during the last bull market.
– The number of “wholecoiners,” or wallets with a balance of at least 1 BTC, has slightly increased since the beginning of the year.
– Bitcoin’s price has been rising, currently at nearly $37,100, supported by market enthusiasm for pending spot exchange-traded fund (ETF) products.
– While some analysts believe a spot Bitcoin ETF approval will trigger the next bull run, others argue that the necessary fundamentals are lacking for a significant trend reversal.