Data comparison from Glassnode reveals that the number of Bitcoin addresses holding more than 1 million USD in value reached its peak during the last market bull run in November 2021, hitting a record 112,573 addresses on November 9, 2021, just one day before Bitcoin reached its all-time high of $69,000 on November 10, 2021.
Meanwhile, the number of “wholecoiners” – wallets holding at least 1 BTC – has seen a slight increase since the beginning of the year. Currently, there are 1,018,015 such addresses, marking a 4% increase from 978,197 on January 1.
The largest increase in the number of “wholecoiners” since 2018 occurred from April to December last year, indicating a strong accumulation trend despite wider price fluctuations caused by various high-profile cryptocurrency industry crises.
Bitcoin is currently changing hands at around $37,200, a 38% increase from the previous month. The price of Bitcoin has been driven by market enthusiasm for several Bitcoin spot ETF products awaiting approval.
Bloomberg ETF analysts claim there is a 90% chance that a Bitcoin spot ETF will be approved by January 10, with many expecting a significant price rally thereafter.
However, not all analysts believe that the approval of a Bitcoin spot ETF will trigger the next bull run. Tina Teng, an analyst at CMC Markets, stated that while approval would be positive for the cryptocurrency industry, both Bitcoin and the broader macroeconomic context lack the fundamental principles necessary to support a full-fledged reversal of the overall trend.