When the BTC price surpassed $20,000, the number of Bitcoin millionaires exploded.According to on-chain analysis company glass nodecurrently has over 67,000 BTC wallets worth $1 million or more.
$20,000 brings happiness to holders of 50 BTC
The $20,000 price point is not an unfamiliar threshold for Bitcoin.
Since becoming an all-time high during the last Bitcoin halving cycle, $20,000 is more than a fragile technical and psychological line.
As Glassnode now shows, when BTC breaks through that price, many holders can gain or lose dollar millionaire status.
For example, at the end of 2022, when Bitcoin fell below $20,000 due to the FTX scandal, the number of millionaire wallets plummeted overnight.
Fast forward to January 2023, and the opposite is true. As soon as BTC returned to the $20,000 mark, those wallets reappeared.
On January 13, when BTC was just under $20,000, there were roughly 27,000 wallets with balances of $1 million or more.
On January 14, the number of wallets increased to 65,000, while the price was just over $1,000. Among them, many wallets contain exactly 50 BTC.
For reference, at the time of Bitcoin’s all-time high in November 2021, the number of wallets worth $1 million or more was close to 113,000.
bitcoin wallet have Balances of $1 million or more | Source: Glassnode
Nearly 1 million Wholecoiner wallets
According to reports, in the first few months of 2023, the wealth of coin hoarders has increased dramatically.
Not only are millionaires recapturing key financial positions lost in the 2022 bear market, but long- and short-term holders are struggling and even refusing to exit.
Meanwhile, the number of wholecoiners (wallets with a balance of at least 1 BTC) crossed the 1 million mark for the first time in Bitcoin’s history.
As of February 28, Glassnode shows 982,726 such wallets.
number of wallets bitcoin have Balance 1 BTC or more | Source: Glassnode
- Aptos developers prepare to issue $45 million worth of APT tokens
- Upbeat Chinese Manufacturing Data Pushes Bitcoin Up 4%
- Bitcoin recovers, will the market rise again?
As reported by Cointelegraph