Bitcoin Millionaires Soar: Over 90,000 Addresses Now Hold $1 Million Worth of BTC

Bitcoin’s resurgence above $40,000 after a significant market decline has seen a notable surge in the number of millionaire addresses, up 220% this year.

In the cryptocurrency environment, there were more than 90,360 addresses holding at least $1 million worth of Bitcoin, a surprising increase compared to the previous year.

Big Institutions Enter the Cryptocurrency Sector

As the race to launch the first Bitcoin exchange-traded fund (ETF) in the U.S. intensifies, major financial institutions that manage massive assets totaling $27 trillion are jumping into the cryptocurrency space.

Bitcoin’s rise in value has led to a significant surge in the number of addresses worth more than $10 million, which has been on the rise since the beginning of the year.

Bitcoin The resurgence in value has led to a massive increase in the number of addresses holding more than $1 million worth of cryptocurrency. Data from Bitinfocharts highlighted by Benzinga shows that addresses with holdings exceeding $1 million have surged 221% year-to-date.

Likewise, the upward trend is also reflected in addresses holding more than $10 million in Bitcoin, expanding from about 3,800 addresses at the start of the year to about 7,500 addresses currently.

The cryptocurrency’s upward trajectory is partly due to market expectations centered around the possible launch of a spot Bitcoin ETF in the United States. Expecting regulatory approval Bitcoin ETF This has had a major impact on the surge in interest from institutional players.

In a notable recent development, major financial heavyweights overseeing $27 trillion in assets have made great strides in incorporating Bitcoin and other cryptocurrencies into their portfolios. BlackRock’s effort to publicize the first Bitcoin ETF in the U.S. through a filing has accelerated the institution’s entry into the cryptocurrency space.

Despite seasonal declines during the holiday season, Bitcoin’s current trading price hovers around $42,600. However, amid price fluctuations, the Bitcoin network’s hash rate recently hit an astonishing high of 544.6 EH/s, highlighting the network’s robustness and mining capabilities.

Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial advice. Investing in cryptocurrency carries inherent risks and potential financial loss.