Bitcoin’s resurgence past $40,000 after a significant market dip has fueled a remarkable surge in the number of millionaire addresses, reflecting a 220% increase this year.
The crypto landscape has witnessed over 90,360 addresses holding at least $1 million worth of Bitcoin, marking an astonishing surge compared to the previous year.
Institutional Giants Enter the Crypto Sphere
With the intensified race to launch the first spot Bitcoin exchange-traded fund (ETF) in the U.S., major financial institutions collectively managing a colossal $27 trillion in assets are delving into the world of cryptocurrencies.
The climb in Bitcoin’s value has resulted in a considerable spike in the count of addresses worth $10 million or more, showcasing an upward trajectory from the year’s commencement.
Bitcoin’s resurgence in value has seen an extraordinary rise in the number of addresses carrying $1 million or more worth of cryptocurrency. Data from Bitinfocharts, as highlighted by Benzinga, indicates an impressive surge of 221% year-to-date in addresses with holdings exceeding the $1 million mark.
Similarly, the upward trend is echoed in addresses holding $10 million or more in Bitcoin, escalating from around 3,800 addresses at the year’s outset to approximately 7,500 addresses at present.
The crypto’s upward trajectory has been partly attributed to market expectations revolving around the potential launch of a spot Bitcoin ETF in the United States. The anticipation of regulatory approval for a Bitcoin ETF has significantly influenced the burgeoning interest from institutional players.
In recent developments, major financial heavyweights overseeing an eye-popping $27 trillion in assets have made strides in incorporating Bitcoin and other cryptocurrencies into their portfolios. The quest to unveil the inaugural spot Bitcoin ETF in the U.S., with BlackRock’s filing setting the stage, has accelerated institutional entry into the crypto sphere.
Despite a seasonal dip during the holiday season, Bitcoin’s current trading price hovers around $42,600. However, amidst the price fluctuations, the Bitcoin network’s hash rate has recently hit a remarkable peak of 544.6 EH/s, underscoring the network’s robustness and mining power.
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial advice. Investing in cryptocurrencies carries inherent risks and potential financial losses.