Coin Edition -
- Cryptocurrency wallet addresses with over $1 million in Bitcoin increased by 237% this year.
- The peak number of millionaire Bitcoin wallets was 112,573, just before Bitcoin’s all-time high in 2021.
- Many high-value Bitcoin addresses belong to institutions, not individuals, such as MicroStrategy’s holdings.
This year, there has been a significant increase in the number of cryptocurrency wallet addresses containing Bitcoin valued at over $1 million. According to BitInfoCharts, these addresses have grown from 23,795 at the beginning of the year to 81,717 currently, marking a 237% rise within a span of 11 months.
81,717 wallet addresses possess over $1 million in Bitcoin
Data from Glassnode reveals that the highest number of these millionaire wallets was recorded at the peak of the last bull market. On November 9, 2021, a day before Bitcoin reached its all-time high of $69,000, the number of such addresses hit a record of 112,573.
The millionaire wallets are not one-to-one with individual users, as many addresses with more than $1 million BTC belong to crypto exchanges and financial institutions. For instance, as of November 1, 2023, MicroStrategy held 158,400 bitcoins. Michael Saylor, the Executive Chairman of the business intelligence firm, recently commented, “You can never have too much Bitcoin.”
On October 31, crypto investor Scott Melker highlighted a new record in Bitcoin’s profitability. Nearly 40 million wallet addresses were in profit, even though Bitcoin’s price was 50% below its peak. According to data from Glassnode, 80% of Bitcoin addresses were profitable at a price of $34,000.
RECORD NUMBER OF BITCOIN ADDRESSES IN PROFIT – 40M!Bitcoin has reached a new milestone with nearly 40 million wallet addresses now in profit, even though its current price is 50% below its all-time highs. Data from the on-chain analytics firm Glassnode indicates that 80% of… pic.twitter.com/qIwVevQr2K— The Wolf Of All Streets (@scottmelker) October 31, 2023
As of October 30, the number of profitable addresses had reached 39.1 million, surpassing the previous high of 38.1 million in November 2021. Despite Bitcoin trading at half its all-time high, the number of addresses with a balance had risen to 48.3 million. At that time, 81.1% of these addresses were in profit, a significant increase from 60% two months earlier. Conversely, only 9 million addresses were at a loss, a decrease from over 20 million in December 2022.
Melker noted that this recent price movement had brought both long-term and short-term holders back into profitability, with long-term holders showing more restraint in profit-taking compared to short-term holders, especially as Bitcoin exceeded $34,000.
The post Report Says 81,717 Wallet Addresses Hold Over $1 Million In Bitcoin appeared first on Coin Edition.