The number of Bitcoin wallet addresses holding more than $1 million in BTC has increased dramatically in 2023, suggesting a significant rise in the number of Bitcoin millionaires. BitInfoCharts data shows a remarkable rise from 23,795 addresses on January 1 to an astounding 81,925 addresses as of right now. In just 11 months, the number of millionaire wallets has increased by an astounding 237%.

It’s important to understand that millionaire wallets like these don’t always correspond to specific users. Contributing to the total figure are numerous addresses holding more than $1 million in Bitcoin that are connected to financial institutions and cryptocurrency exchanges.

Comparative Perspectives and Historical High Points

Glassnode offers insights on past peaks in the number of addresses holding more than $1 million in Bitcoin when compared to historical data. The largest number was recorded in November 2021, at the height of the previous bull market, when a record 112,573 addresses held such large quantities of Bitcoin. Just before Bitcoin hit its all-time high of $69,000 on November 10, 2021, this surge peaked on November 9, 2021.

Notable is the significant rise in Bitcoin millionaire wallets, especially when one considers the time frame from April to December of the prior year. This period of time showed a strong accumulation trend in spite of the general price fall brought on by several high-profile disruptions in the cryptocurrency market.

Bitcoin’s Present Situation and Expectations for an ETF

According to the most recent market data, Bitcoin is trading for about $37,100, which represents a 38% increase over the previous month. The market excitement surrounding several pending spot exchange-traded fund (ETF) products is responsible for the upward momentum. Analysts for Bloomberg ETFs are upbeat, projecting a 90% chance of a spot Bitcoin ETF being approved by January 10. Many people expect a significant price increase after such clearance.

Not all analysts, meanwhile, are certain that the introduction of a spot Bitcoin ETF will start the next bull run. CMC Markets analyst Tina Teng claims that although approval would be good for the cryptocurrency space, neither Bitcoin nor the larger macro environment have the essential components needed for a thorough trend reversal.

Even if there will be a significant increase in Bitcoin millionaire wallets in 2023, the cryptocurrency economy is still very much in flux, and there are differing views on how new regulations might affect Bitcoin’s future. The cryptocurrency community is waiting for further information to determine the full impact of these market dynamics.