Bitcoin's Price Surge: A Closer Look at the Rise in Millionaire Wallets

Explore the latest surge in Bitcoin's price leading to a threefold increase in million-dollar wallet addresses and heightened activities of major holders, or 'whales', in the crypto world.

Delve into this intriguing trend and its implications in the evolving landscape of digital currencies.

The Growing Trend of Multi-Million Dollar Bitcoin Wallets in 2023

According to recent data, the number of Bitcoin wallet addresses holding over one million dollars' worth of Bitcoin has more than tripled in 2023.

As reported by Cointelegraph, the number of addresses with holdings worth over one million dollars was 23,795 on January 1, 2023, but has since risen to 81,925.

This data, based on information from BitInfoCharts, indicates that as of the time of writing, there are 81,707 wallets in the million-dollar range and 6,651 wallets in the ten-million-dollar range.

Bitcoin's Price Recovery and the Surge in Millionaires

On January 1, 2023, the price of Bitcoin was around $16,500, but it has since steadily increased, recovering to about $37,000 at the time of writing. This significant price increase is believed to be the reason behind the rapid rise in the number of Bitcoin millionaires.

Additionally, the increased activity of major Bitcoin holders, often referred to as "sharks" and "whales," suggests that investors are accumulating BTC in anticipation of events like the 2024 halving and the potential introduction of a Bitcoin spot ETF.

Given the recent uptrend in cryptocurrency prices, some experts predict that if prices reach their forecasted levels, we could see a surge in the number of these crypto millionaires.

Whales are also active in ETH, LINK, and ADA

Not limited to Bitcoin, the activity of cryptocurrency whales is also intensifying in other networks.

The cryptocurrency analysis firm Santiment reported on November 11 that whale transaction counts in the networks of Bitcoin, Ethereum, Chainlink, and Cardano have reached a six-month high.

Whales are generally known to accumulate cryptocurrencies during bear markets and sell during or after price surges, making their movements a point of focus in the current market trend.