- Bitcoin’s value and prominence are soaring together.
- The number of crypto wallet addresses with over $1M BTC has tripled.
- Diverse user groups are behind the surge.
Amid Bitcoin’s recent bullish patterns, on-chain data has revealed a fascinating trend.
Despite a prolonged crypto winter and the market uncertainty that plagued the industry at the beginning of the year, 2023 has seen a significant increase in the number of wallet addresses holding over $1 million in BTC.
Wallets Holding Over $1M BTC Surge 237%
According to data provided by crypto analytics platform BitInfoCharts, the number of crypto wallets holding over $1 million in BTC has increased threefold this year, recording a 237% jump in the last 11 months.
Notably, the number of these addresses currently stands at 81,925, up from 23,795 on January 1.
Similarly, the number of “wholecoiner” wallets with a balance of at least 1 BTC rose 4% during the same period. Currently, the number of BTC ‘wholecoiner’ wallet addresses stands at 1,018,015.
While this trend is reminiscent of the last bull market two years ago, according to comparison data from Glassnode, there is another interesting pattern in the surge. This time around, it’s not just individual investors in the driver’s seat. Institutions are riding along Bitcoin’s prominence as well.
It’s imperative to note that the wallet addresses with over $1 million in BTC belong to different levels of users, including individuals, crypto exchanges, financial institutions, and diverse corporations.
Over the past few years, corporations such as MicroStrategy, Ark Invest, and Tesla have accumulated BTC and remained bullish on these holdings despite suffering impairment losses worth billions during the 2022 crypto winter.
Aside from corporations, governments are also showing interest in BTC, with Bloomberg estimating that El-Salvador held 2546 Bitcoin as of April. Recently, it also emerged that the U.S. government holds about 200,000 Bitcoin.
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