Bitcoin (BTC) Millionaires Figure Surges As BTC Price Crosses $20,000, Data Reveals
According to on-chain analytics firm Glassnode, there are currently more than 67,000 BTC wallets worth $1 million or more.
$20,000 Price Makes 50 BTC Hodlers Happy
Bitcoin is famous for its relationship with the price of USD 20,000.
Prominent since it became the all-time high of the previous Bitcoin halvinf cycle, $20,000 is more than just a technical and psychological line in the sand.
As Glassnode now shows, when BTC/USD crosses that price point, many hodlers gain or lose US dollar millionaire status.
In late 2022, for example, when Bitcoin fell below $20,000 in the wake of the FTX scandal, the number of “million dollar” wallets plummeted overnight.
Fast forward to January 2023, and the opposite can be seen: as soon as the BTC/USD pair recaptured the $20,000 mark, those wallets reappeared en masse.
On January 13, with BTC/USD below $20,000, there were about 27,000 wallets with a balance of $1 million or more.
On January 14, that cohort of wallets had risen to 65,000, while the price was trading just $1,000 higher. Apparently many wallets contain exactly 50 BTC.
For reference, at the time of Bitcoin’s most recent all-time high in November 2021, wallets worth $1 million or more numbered nearly 113,000.
Almost a million users have a full 1 BTC
As we already told you before, the fortune of the hodlers has increased drastically in the first months of 2023.
Not only have BTC millionaires regained the financial vitality lost during the 2022 bear market, but both long and short-term holders are resisting and even refusing to sell.
Meanwhile, the number of so-called “wholecoiners”—wallets with a balance of at least 1 BTC—keeps moving toward the 1 million mark for the first time in Bitcoin history.
According to Glassnode, as of February 28, there were 982,726 such wallets.
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