This year, the number of cryptocurrency wallet addresses holding more than $1 million in Bitcoin (BTC) has more than tripled.
According to BitInfoCharts data, the number of addresses with more than $1 million in BTC increased by 237% in the last 11 months, from 23,795 on January 1 to 81,925 today.
Many addresses with more than $1 million BTC belong to crypto exchanges and financial institutions, so millionaire wallets are not one-to-one with individual users.
Glassnode data suggests that the number of addresses holding more than $1 million in Bitcoin peaked during the peak of the previous bull market in November 2021, with a record 112,573 addresses on Nov. 9, 2021, the day before Bitcoin hit an all-time high of $69,000.
Bitcoin is hovering by the $37,100 level at the time of writing, which represents a 38% increase over the previous month.
The market's enthusiasm for multiple pending spot exchange-traded fund (ETF) products has boosted Bitcoin's price.
Bloomberg ETF analysts believe there is a 90% chance that a spot Bitcoin ETF will be approved by January 10, with many anticipating a significant price rally.
Despite the market's optimism, not all analysts believe that a spot Bitcoin ETF approval will spark the next bull run.
While an approval would be a positive for the crypto industry, CMC Markets analyst Tina Teng believes Bitcoin and the broader macro landscape lack the fundamentals to justify a complete trend reversal.