As of November 12, there are now 88,628 Bitcoin (BTC) millionaires, a surge from 28,084 reported as of January 5. This sudden spike of Bitcoin millionaires represents 215% increase over 2023, displaying threefold growth.
Crunching the data, addresses that hold at least $1 million worth of Bitcoin currently stand at 81,962, with wallet addresses holding $10 million or more totaling 6,666.
In comparison to the January 5th records, there were 28,084 millionaires holding at least $1 million worth of Bitcoin through 24,279 addresses; 3.805 more had at least $10 million according to data found through Wayback Machine web archive.
Bitcoin millionaires have seen their ranks rapidly expand thanks to an upward trend in its price, pushing Bitcoin past $30,000. For most of 2018, its value had hovered just beneath this benchmark threshold before ultimately surpassing $37,000.
Bitcoin millionaires formed an exclusive group that struggled with bearish sentiment in January, particularly amid macroeconomic factors and events like the collapse of FTX crypto exchange. Amid setbacks, their investments aimed for new all-time highs.
Bitcoin is at $37,050 as of this writing, showing only around negative 0.40% sideways movement in 24 hours. However, it should be noted that trading volume for the digital asset was up by 2% in the same period. The numbers represent over 120% growth this year alone.
Bitcoin’s recent surge can be attributed to several factors. Anticipation for approval of its first spot Exchange-Traded Fund (ETF) in the US has provided one such factor; thus contributing significantly to this ongoing rally.
Finbold reports indicate there may be twelve Bitcoin ETF applications approved within a week by the US Securities and Exchange Commission (SEC). The applicants include global investment firm BlackRock’s application; their potential approval could have major ramifications on market performance should it take place.
Analysts maintain that Bitcoin’s current momentum could set in motion one of its greatest bull runs ever seen in history. This could be further fueled by the anticipation of the halving phenomenon happening April next year.
BlackRock ETF may Already be Priced into Bitcoin
Speaking of ETFs, there’s an ongoing debate as to whether or not the foreseen approval of the BlackRock ETF in the US has already been factored in the present value of BTC. Roundtable’s Rob Nelson believes that the crypto may double, or even triple, should the new financial instruments get a green light from the regulator on the way to the halving event.
Meanwhile, CleanSpark executive chair and co-founder Matt Schultz opined that the resulting scarcity of BTC in the aftermath of the halving could drive up prices by 50%.