The resurgence of Bitcoin in 2023 has created wealth for many crypto investors as there has been a significant increase in the number of Bitcoin Millionaires. These Bitcoin millionaires happen to be wallet addresses whose BTC holdings are equal to or greater than $1 million.
Number of Bitcoin millionaires
According to data from BitInfoCharts, there are currently 97,497 Bitcoin millionaires. This represents a significant increase from the start of the year, when the number of wallet addresses equal to or greater than $1 million stood at 23,795, according to data from Glassnode.
This development is attributed to the resurgence of Bitcoin price this year, with the crypto token seeing a gain of over 158% year-to-date. At the start of the year, the price of Bitcoin stood at just over $16,000. However, as the price of the flagship cryptocurrency began to rise, is his number of millionaires.
Further data from BitInfoCharts divides these Bitcoin millionaires into two categories. The number of addresses above $1 million stands at 90,040, while 7,457 wallet addresses contain $10 million or more.
Meanwhile, other addresses under $1 million also saw huge profits. Market intelligence platform Santiment recently reported that 89% of Bitcoin’s total supply is made up of profits. 2024 might be a better year for these addresses, given that Bull market should start next year.
In the meantime, some of these Bitcoin millionaires and people with large holdings appear to be making profits. NewsBTC recently reported how Bitcoin whales sold around 50,000 BTC, which is equivalent to around $2.2 billion.
BTC price retraces to $42,600 | Source: BTCUSD on Tradingview.com
About two weeks left for spot ETFs
One of the most important moments for Bitcoin and the crypto industry could come as early as January 10. This is approximately the period when experts predict that the Security and Exchange Commission (SEC) will approve pending Spot Bitcoin ETFs, and there is optimism in the air as many stocks indicate that an approval will take place.
Crypto players have their eyes on the developments around these Spot Bitcoin ETFs. The reason is not far-fetched, because these funds could unlock new liquidity in the Bitcoin ecosystem. Trading company QCP Capital had highlighted this constitutes the catalyst for Bitcoin to reach its all-time high (ATH) and possibly new ATHs.
At the same time, people like the former CEO of crypto exchange BitMEX, Arthur Hayes, hope that these ETFs will not achieve much success because he says they could lead to the fall of Bitcoin.
At the time of writing, Bitcoin is trading at around $42,678.76, down more than 1% in the last 24 hours according to data from CoinMarketCap.
Featured image from Crypto News, chart from Tradingview.com
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