Bitcoin Millionaire Wallets Triple In 2023 As BTC Crosses $37K Price Level

The number of Bitcoin millionaire wallets surged to a new high this year as it saw a whopping 237% increase over the last 11 months.

Bitcoin, the world's largest crypto asset by market capitalization, crossed the $37,000 threshold over the weekend and has been on a wild price rally over the past few weeks, setting new records and shattering boundaries.

Aside from making a lot of millionaires because of its recent price surge, cryptocurrency data points provider BitInforCharts reveals that the number of wallet addresses holding over $1 million in Bitcoin tripled this year to more than 81,000. The increase in the number of Bitcoin millionaire wallets saw a 237% increase in 2023, recording 81,925 from 23,795 in January.

Data from on-chain market intelligence firm Glassnode showed that the number of wallet addresses holding more than $1 million in BTC surged during the previous bull market in November 2021 – the same month when Bitcoin reached an all-time high price of $69,000 – when the number reached 112,573.

Bitcoin's upsurge saw short-term holders (STH), or those who have held Bitcoin for less than 155 days, rake in more than $1.8 billion in profit in just 48 hours last week, while the supply held by long-term holders (LTH) was at an all-time high.

While short-term holders gained substantial profit in just a couple of days, data revealed that a small amount of short-term holders' supply was in loss, at 400 BTC.

Long-term holders are currently in an accumulation process as Glassnode's data suggests that Bitcoin's available supply has hit a new historical low since BTC's illiquid supply.

"The Bitcoin supply is historically tight, with an all-time-high in coins held by long-term investors and impressive rates of accumulation taking place," Glassnode said in its report. "A powerful divergence continues to form between long-term holder (LTH) supply, which is just shy of an all-time high, and short-term holder (STH) supply which is at effectively all-time lows. This insightful dynamic demonstrates a growing tightness within the BTC supply, as existing holders become increasingly unwilling to part with their holdings."

BTC was trading in the green zone at $36,998.35 as of 5:16 a.m. ET on Monday, with a 24-hour trading volume up by 4.76% at $13,389,433,887. It represents a 0.16% decrease in the last 24 hours and a 6.0% gain over the past seven days.

Data from CoinMarketCap revealed that Bitcoin's total circulating supply stands at 19,541,093 BTC, with its value down by 0.15% at a market cap of $722,869,229,852.