Sharp Increase in Bitcoin Wallets Holding Over $1 Million in 2023
Date: 2023-11-13 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
1. Growth in the Number of Bitcoin Wallets with Balances Exceeding $1 Million in 2023
In 2023, there was a significant increase in the number of addresses holding bitcoins with balances of at least $1 million, according to Bitinfocharts data. This number more than tripled, jumping from 23,795 to 81,925 addresses in a short period. This sharp rise indicates substantial interest in cryptocurrency among major holders this year.
2. Influence of Major Holders on the Cryptocurrency Market
Analysts note that among major holders of Bitcoin, there can be both exchanges and investment funds and companies. This diversity underscores the variety of actors investing in the cryptocurrency market, opening new prospects for its development. Perhaps exchanges and investment funds see Bitcoin not only as an investment tool but also as a means to strengthen their financial positions.
3. Investment Trends and the Growth of Bitcoin Addresses in 2023
According to Glassnode data, in November 2021, before Bitcoin's record surge, the number of addresses investing in BTC with more than $1 million reached 112,573. This indicates that significant players were actively involved in the market even before the current surge in interest. Since January 2023, the number of addresses with a balance of at least 1 BTC has grown by 4%, reaching 1,018,015. This cumulative trend, dominant since 2018, underscores the sustained interest in Bitcoin in the long term.
4. Launch of Spot Cryptocurrency ETFs in the U.S. and Its Impact on the Market
In recent months, investors have become more active due to information about the launch of spot cryptocurrency ETFs in the U.S. According to Bloomberg strategists, by January 10, this instrument may appear on the American market, with a 90% likelihood of approval for applications from major asset managers such as BlackRock. This move could be significant for the cryptocurrency market, providing new opportunities for institutional investments in Bitcoin.
5. Expert Opinions and Doubts Regarding Investment Growth After the ETF Launch
Despite optimistic forecasts, there are experts, such as CMC Markets analyst Tina Ten, who express doubts about whether the digital currency will become a more attractive asset after the launch of cryptocurrency funds. They argue that more substantial factors are needed to strengthen institutional interest in cryptocurrency.
