Kenne Michael 
This year, the number of crypto wallet addresses containing Bitcoin worth over $1 million has increased by over threefold.
According to data from BitInfoCharts, the number of addresses holding more than $1 million in BTC has increased by 237 percent in the past 11 months, from 23,795 on January 1 to 81,925.
The millionaire wallets are not owned by individual users in the traditional sense, as numerous addresses containing over $1 million BTC are associated with crypto exchanges and financial institutions.
According to comparative data provided by Glassnode, the apex number of addresses holding Bitcoin worth over $1 million occurred in November 2021, at the height of the previous bull market.
On November 9, 2021, a record 112,573 addresses were recorded, which coincided with Bitcoin reaching its highest point of $69,000 on November 10, 2021.
However, there has been a marginal rise in the number of wallets known as “wholecoiners,” which contain a minimum balance of 1 BTC. This trend has persisted since the start of the year.
The number of such addresses currently stands at 1,018,015, reflecting a 4% growth compared to the 978,197 recorded on January 1.
Between April and December of the last year, wholecoiners increased the most since 2018, indicating a robust accumulation trend despite a broader price decline caused by high-profile crypto industry meltdowns.
However, Bitcoin is being traded for approximately $37,100, representing a 38% increase compared to the previous month.
The price of Bitcoin has been positively impacted by the heightened interest in numerous forthcoming spot exchange-traded fund (ETF) products.
According to Bloomberg ETF analysts, the likelihood that a spot Bitcoin ETF will be approved by January 10 is 90%, and many anticipate a substantial price increase to ensue.
I've gotten a lot of questions regarding my current view on Spot #Bitcoin ETFs over the last couple weeks. This is the first section of the note I put out yesterday with @EricBalchunas.
TLDR: Our view hasn't changed much https://t.co/dRAm5IsdQf pic.twitter.com/Htsi3n2XxV
— James Seyffart (@JSeyff) October 13, 2023
Despite the market’s bullish sentiment, not all analysts are certain that the approval of a spot Bitcoin ETF will spark the next bull run.
Tina Teng, an analyst at CMC Markets, stated that although approval would be favorable for the crypto industry, Bitcoin and the wider macro landscape lack the necessary fundamentals to warrant a complete trend reversal.