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Number of Bitcoin millionaire wallets triples in 2023

Over 81,000 wallet addresses now hold $1 million or more worth of Bitcoin.

The number of crypto wallet addresses holding more than $1 million in Bitcoin (BTC) has more than tripled this year. 

BitInfoCharts data shows the number of addresses with more than $1 million in BTC increased from 23,795 on Jan. 1 to 81,925 currently, a 237% increase in the last 11 months.

Currently, 81,925 wallet addresses hold more than $1 million in BTC. Source: BitInfoCharts

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.

Comparative data from Glassnode shows the number of addresses holding more than $1 million in Bitcoin peaked during the top of the last bull market in November 2021, posting a record 112,573 addresses on Nov. 9, 2021, the day before Bitcoin notched its all-time high of $69,000 on Nov. 10, 2021.

The number of “millionaire” Bitcoin wallets has grown more than 237% from the beginning of the year. Source: Glassnode

Related: Demand for Bitcoin could 10X within the next 12 months: Michael Saylor

Meanwhile, the number of so-called “wholecoiners” — wallets with a balance of at least 1 BTC — has increased slightly since the beginning of the year. Currently, there are 1,018,015 such addresses, a 4% increase from 978,197 on Jan. 1.

The number of wholecoiners increased by 4% from Jan. 1 this year. Source: Glassnode

The largest increase in wholecoiners since 2018 occurred between April and December last year showing a strong accumulation trend despite a broader price decline resulting from a slew of high-profile crypto industry meltdowns.

Bitcoin is currently changing hands for nearly $37,100, up 38% over the last month. Bitcoin’s price has been buoyed by market enthusiasm for multiple pending spot exchange-traded fund (ETF) products.

Bloomberg ETF analysts claim there’s a 90% chance a spot Bitcoin ETF will be approved by Jan. 10, with many expecting a significant price rally to follow.

Despite the market’s bullish sentiment, not all analysts are convinced that a spot Bitcoin ETF approval will launch the next bull run.

CMC Markets analyst Tina Teng claimed while an approval would be a positive for the crypto industry, both Bitcoin and the wider macro landscape lack the required fundamentals to justify an all-out trend reversal.

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Report: Crypto Adoption Hits New Milestones — Global Crypto Owners Reached 425 Million in 2022

Report: Crypto Adoption Hits New Milestones — Global Crypto Owners Reached 425 Million in 2022Crypto adoption achieved new milestones in 2022, with the number of crypto owners reaching 425 million during the year, a new report by Crypto.com shows. Moreover, the report reveals that the number of bitcoin owners reached 219 million in December while the number of ether owners reached 87 million. Cryptocurrency Adoption Achieves New Milestones […]

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62% of wallets did not sell Bitcoin for a year amid the bear market: Data

Majority of traders have held Bitcoin for one year and above, 32% held for BTC one month up to a year and 6% have held for less than a month, data reveals.

Despite the uncertainties brought about by the bear market, on-chain metrics show that the majority of Bitcoin (BTC) traders have been using a very simple trading strategy for more than a year: hodling. 

According to data from the trading analysis platform TipRanks, while on-chain signals remain bearish for BTC, 62% of wallets have held BTC for one year and above. On the other hand, 32% of wallets are shown to have held for a month up to a year. Lastly, those who have been holding for less than a month are only 6%.

Apart from holding, the site also showed its analysis of profitability in holding Bitcoin. According to the data, among the current holders, 48% are in profit while the same amount of holders is in losses. The data also highlighted that the remaining 4% are neither in profit nor in a loss. 

While Bitcoin's price has experienced several dips as of late, almost a quarter of the circulating supply stayed in wallets. On Aug. 18, on-chain metrics showed that 24% of BTC supply remained untouched for a minimum of 5 years, suggesting that long-term holders have no intention to sell, especially during a bear market. 

Related: Bitcoin 'liveliness' lowest since 2021 amid new 5-year BTC hodl record

A recent survey done by market research platform Appinio showed that 55% of crypto investors held onto their crypto investments despite the massive sell-offs that happened recently within the crypto market. Among the survey participants, 40% believe that Bitcoin is still the best investment opportunity in the next 3 months. 

Meanwhile, Zach Burks, the founder of NFT marketplace Mintable has recently shared his crypto journey as well as his trading strategy. According to Burks, his goal is to keep on stacking Ether (ETH) until he can afford to purchase a mega yacht. The marketplace founder highlighted that he is still holding. 

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