In a year marked by
unprecedented growth, the cryptocurrency landscape is witnessing a substantial
surge in the number of crypto wallet addresses holding over $1 million in
Bitcoin. The
data is striking, indicating a threefold increase in such millionaire
wallets, rising from 23,795 at the beginning of the year to an impressive
81,925 currently. This surge, amounting to a remarkable 237% increase in just
11 months, points toward a profound shift in the crypto space.
What’s behind the BTC
Wholecoiner movement?
It’s crucial to dissect this
surge intelligently—these millionaire wallets aren’t merely a representation of
individual users. Many of them belong to crypto exchanges and financial
institutions, indicating a significant uptick in institutional involvement.
Comparative data from Glassnode emphasizes the historical context, revealing
that the peak in the number of addresses holding over $1 million in Bitcoin was
witnessed during the previous bull market in November 2021, reaching a record
112,573 addresses.
Simultaneously, the rise of
“wholecoiners,” referring to wallets holding at least 1 BTC,
contributes to the narrative of a flourishing crypto ecosystem. This metric,
with a more moderate but steady 4% increase, currently counts 1,018,015 addresses.
The consistent growth in wholecoiners signifies a burgeoning interest among
individual investors committed to holding substantial amounts of Bitcoin for
the long term.
BTC ETF FOMO
Amidst these developments, the
broader market sentiment remains optimistic, largely fueled by the prospect of
upcoming spot exchange-traded fund (ETF) products. Bitcoin’s current price of
nearly $37,100 represents a robust 38% increase over the past month,
underlining the excitement and anticipation surrounding these imminent ETFs.
While there’s a prevailing
sentiment that a spot Bitcoin ETF could potentially trigger the next bull run,
analysts hold divergent views. Some, like ETF analysts from Bloomberg, project
a 90% chance of approval by January 10, expecting a significant price rally to
follow. However, analysts such as Tina Teng from CMC Markets urge caution,
emphasizing that the broader macro landscape and Bitcoin fundamentals might not
entirely justify an all-encompassing trend reversal.
Bitcoin Miner Earnings
Soar Amidst Market Rejuvenation
In a compelling turn of events,
the thriving crypto scene witnesses Bitcoin miners achieving an annual all-time
high on November 12, accumulating an impressive $44…
