Despite the recent growth, the figures are much lower than in October, when 116,139 millionaire Bitcoin addresses held at least USD 1 million. Various studies indicate that there was significant support around USD 35,000, but traders trust in the bullish momentum on the blockchain.
Data from the Finbold platform indicates that 96,399 Bitcoin wallet addresses recently held more than USD 1 million. The Wayback Machine web tool makes it possible to determine that the figure increased by 1,368 in the last 30 days.
Around 7,815 Bitcoin addresses had a combined balance of more than USD 10 million. Meanwhile, each of the other 88,584 addresses held USD 1 million.
Although those wallets have grown, the numbers pale compared to those of October 28th, 2021. On that date, there were 116,139 millionaire Bitcoin addresses, of which 105,820 had a balance sheet of at least USD 1 million. Another 10,319 held no less than USD 10 million.
Between October 28th and January 26th, Bitcoin millionaires dropped dramatically. There were 87,953 addresses with a balance sheet greater than USD 1 million in that period. Data indicates that the figure fell by 28,186 between the two dates, representing a reduction of 24.24%.
The anonymous nature of the pioneering cryptocurrency makes it impossible to identify the owners of the above Bitcoin addresses.
An Analysis of the Bitcoin Network Shows a Potential Upward Trend Start
There has been a recent shift in the bearish market sentiment for the pioneering cryptocurrency. That has sparked interest in seeing whether the number of Bitcoin millionaires continues to rise along with the price. Glassnode recently conducted an analysis of the Bitcoin blockchain, which shows that BTC could start a bullish run soon.
Glassnode metrics indicate that Bitcoin has effectively passed the first phase of the short squeeze. For that reason, the market has shown bullish behavior towards the cryptocurrency created by Satoshi Nakamoto.
A short squeeze is a surprise rise in the price of an asset when many short sellers must liquidate their positions.
Various studies and metrics show significant support around the USD 35,000 level. However, the change in the market trend has led traders to trust in the bullish momentum on the blockchain. They expect that to drive the trading price of Bitcoin higher in the coming weeks.
Bitcoin is trading at around USD 42.635 and has accumulated a 0.6% gain in the last 24 hours. Its trading volume is above 18.04 billion, and its market capitalization is about USD 808.29 billion, according to CoinGecko.
Bitcoin addresses with a balance of more than USD 1 million could have a direct relationship with large investors or institutions. Those holders have massive flows of capital in the cryptocurrency market.
The pioneering cryptocurrency plays a relevant role in the economy, evident thanks to the increase in addresses over the last month. Bitcoin has been through other crises before but has recovered to exceed its all-time highs. Various renowned analysts like Willy Woo believe that its price may reach USD 100,000 this year.
By Alexander Salazar
