Bitcoin millionaire wallets surge as market eyes ETF approval By Investing.com
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The landscape is showing signs of robust growth and investor optimism, as evidenced by the significant increase in the number of wallet addresses holding over $1 million worth of Bitcoin. BitInfoCharts has reported a 237% rise in such ‘Bitcoin millionaire’ wallets since the beginning of the year, many of which are owned by financial institutions.
This uptick in wealthy Bitcoin holders is accompanied by a steady growth in the number of “wholecoiners,” individuals or entities owning at least one full Bitcoin. Glassnode data reveals that the count of wholecoiners has climbed by 4%, from 978,197 at the start of 2023 to 1,018,015. This increase suggests an ongoing accumulation trend, even as the cryptocurrency market has faced various meltdowns.
Market sentiment has been buoyed by the anticipation of spot exchange-traded fund (ETF) products for Bitcoin. Bloomberg ETF analysts had given a spot Bitcoin ETF approval a 90% chance by January 10th, sparking expectations for a price rally. On Sunday, Bitcoin’s trading price hovered near $37,100, marking a 38% rise over the last month. This bullish momentum is partly fueled by such optimistic forecasts and comments from figures like Michael Saylor, who predicted a tenfold increase in Bitcoin demand within the next year.
However, not all market commentators share this enthusiasm. Tina Teng from CMC Markets (LON:) has voiced skepticism regarding the fundamental strength of Bitcoin and the broader macroeconomic landscape. Despite these concerns, investors and traders are closely watching the developments around the ETF approval, which could potentially lead to further market movements.
The current state of Bitcoin contrasts starkly with its position exactly one year ago when it reached an all-time high of $69,000. Two years after John McAfee’s death, his widow Janice McAfee is facing financial challenges amidst these market developments, highlighting the personal impact of the volatile cryptocurrency space on individuals.
Investors and market watchers remain attentive to any signs that could indicate whether the optimism surrounding potential regulatory approvals will translate into sustained growth for Bitcoin or if cautionary perspectives like Teng’s will prove prescient in a complex and ever-evolving market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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© Reuters.
The landscape is showing signs of robust growth and investor optimism, as evidenced by the significant increase in the number of wallet addresses holding over $1 million worth of Bitcoin. BitInfoCharts has reported a 237% rise in such ‘Bitcoin millionaire’ wallets since the beginning of the year, many of which are owned by financial institutions.
This uptick in wealthy Bitcoin holders is accompanied by a steady growth in the number of “wholecoiners,” individuals or entities owning at least one full Bitcoin. Glassnode data reveals that the count of wholecoiners has climbed by 4%, from 978,197 at the start of 2023 to 1,018,015. This increase suggests an ongoing accumulation trend, even as the cryptocurrency market has faced various meltdowns.
Market sentiment has been buoyed by the anticipation of spot exchange-traded fund (ETF) products for Bitcoin. Bloomberg ETF analysts had given a spot Bitcoin ETF approval a 90% chance by January 10th, sparking expectations for a price rally. On Sunday, Bitcoin’s trading price hovered near $37,100, marking a 38% rise over the last month. This bullish momentum is partly fueled by such optimistic forecasts and comments from figures like Michael Saylor, who predicted a tenfold increase in Bitcoin demand within the next year.
However, not all market commentators share this enthusiasm. Tina Teng from CMC Markets (LON:) has voiced skepticism regarding the fundamental strength of Bitcoin and the broader macroeconomic landscape. Despite these concerns, investors and traders are closely watching the developments around the ETF approval, which could potentially lead to further market movements.
The current state of Bitcoin contrasts starkly with its position exactly one year ago when it reached an all-time high of $69,000. Two years after John McAfee’s death, his widow Janice McAfee is facing financial challenges amidst these market developments, highlighting the personal impact of the volatile cryptocurrency space on individuals.
Investors and market watchers remain attentive to any signs that could indicate whether the optimism surrounding potential regulatory approvals will translate into sustained growth for Bitcoin or if cautionary perspectives like Teng’s will prove prescient in a complex and ever-evolving market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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