The number of Bitcoin addresses with a balance of at least $1 million has fluctuated significantly over the past year, clearly reflecting the general market trends. At the beginning of 2024, the number of these addresses was below 100,000, amid a stable BTC price around $40,000.

However, as the BTC price surged past $70,000 in March 2024, the number of millionaire addresses skyrocketed, surpassing 120,000, showing a direct correlation between BTC price movements and the increase in high-value addresses.

By mid-year, the market became volatile, with the number of millionaire addresses dropping to around 100,000 as Bitcoin faced bearish pressure, pushing the price below $60,000.

BTC: Number of addresses with balance >$1M | Source: Glassnode

History has shown that these fluctuations are not unexpected. In 2021, during Bitcoin's massive price surge as the price approached $65,000, the number of millionaire addresses also increased sharply, reaching more than 110,000.

However, in later correction periods, such as in 2018 and 2022, the number of these addresses dropped sharply, demonstrating the sensitivity of large Bitcoin holdings to market conditions.

BTC: Number of addresses with balance >$1M | Source: Glassnode

This trend over the years shows a recurring pattern, where the number of high-value addresses expands during bull markets and shrinks during downturns, reinforcing the cyclical nature of Bitcoin market behavior.

While the number of Bitcoin millionaire addresses has fluctuated with the market, it shows that investors are nimble and quick to react to changes in value. The sharp increase in these addresses as Bitcoin prices climbed to new highs shows a strong belief in the long-term potential of the digital currency. Despite the corrections, the overall trend shows Bitcoin’s resilience and continued appeal to large investors. The market continues to grow, presenting new opportunities for those who believe in the future of cryptocurrencies.

Source: https://tapchibitcoin.io/so-luong-dia-chi-trieu-phu-bitcoin-tang-giam-theo-dong-thai-thi-truong.html