The cryptocurrency market is experiencing a significant shift, evidenced by a surge in Bitcoin millionaires. In 2023, the number of addresses holding over $1 million in Bitcoin has more than tripled, reaching a staggering count of over 81,000.
This remarkable increase, representing a 237% growth since January, coincides with Bitcoin’s price rally, surpassing the $37,000 threshold.
Bitcoin Millionaires Multiply
Bitcoin has been on a remarkable ascent, nearing $38,000 last week and hovering around $37,000 in the early hours of Monday. This price increase reflects Bitcoin’s strong market performance and indicates a larger trend taking shape in the crypto market. Indeed, the spike in Bitcoin millionaires has been substantial, nearly tripling year-to-date.
Short-term Bitcoin holders have also benefited from this upsurge by selling and raking over $1.8 billion in profits. This contrasts with long-term holders, who have been in an accumulation phase before the upcoming Bitcoin halving.
“The majority of inflows into exchanges are attributed to short-term holders, indicating significant profits gained from the recent rally. Short-term Bitcoin holders have been potentially taking profits, and this activity could be influencing the market dynamics,” a verified author at CryptoQuant said.
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Author: Bary Rahma
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