As the price of Bitcoin has surged significantly in the past month, the number of addresses holding Bitcoin worth more than $1 million has more than tripled from the beginning of this year to 81,707. At the same time, the number of addresses holding at least The number of wallet addresses with more than 1 Bitcoin has increased by 4% from the beginning of this year.

Driven by the market's optimistic expectations that a Bitcoin spot ETF will soon be approved in the United States, Bitcoin has seen a sharp rise in recent times. Over the past month, it has risen all the way from around $26,800 to nearly $38,000, with the largest increase exceeding 40%, setting a new high since May last year.

As Bitcoin soars, BitInfoCharts data shows that the number of addresses holding Bitcoin worth more than $1 million has increased from 23,795 on January 1 this year to 81,707 at present, a growth of 237% in the past 11 months. However, it should be noted that this number of addresses does not only cover individual user wallets, but also includes many cryptocurrency exchanges and financial institutions.

Glassnode data shows that the number of addresses holding Bitcoin worth more than $1 million peaked at the peak of the last bull market in November 2021. On November 9, 2021, the day before the all-time high of $69,000, the number of millionaire addresses reached 112,573.



At the same time, the number of wallet addresses with at least 1 Bitcoin in their wallet balance has also increased slightly since the beginning of the year. So far, the number of addresses has reached 1,018,015, an increase of 4% from 978,197 on January 1 this year.

From April to December last year, the number of wallet addresses with at least one bitcoin saw the largest growth since 2018, highlighting a strong trend of hoarding coins, even though the price of bitcoin plummeted during this period due to the collapse of a series of cryptocurrency industry benchmark companies such as FTX.



Will the approval of spot ETFs trigger the next bull market?

Bloomberg ETF analysts Eric Balchunas and James Seyffart released a report last week predicting that if the SEC wants to approve Bitcoin spot ETF applications this year, the SEC may open a short eight-day window period from November 9 to November 17, during which the SEC may approve all 12 spot ETF applications.

The report mentioned that if the SEC postpones the decision again, the probability of Bitcoin spot ETF being approved by the next approval window on January 10 next year will be as high as 90%. In order for the spot ETF to be approved for listing, in addition to the SEC's approval of the trading rule change application in Form 19b-4, the S-1 registration statement application must also be approved. Both documents must be approved by the SEC before trading can begin.



Many analysts are optimistic that the approval of a Bitcoin spot ETF will drive a surge in Bitcoin. Yann Allemann, co-founder of Glassnode, pointed out last month that the companies currently seeking approval for a Bitcoin spot ETF have a total asset management scale of more than US$15 trillion. Once the Bitcoin spot ETF is approved, institutional-level FOMO is expected to trigger a cryptocurrency bull market.

However, according to Cointelegraph, not all analysts believe that the approval of a Bitcoin spot ETF will trigger the next bull market. CMC Markets analyst Tina Tencent said that although the approval of a Bitcoin spot ETF is beneficial to the cryptocurrency industry, both Bitcoin and the macroeconomic environment lack the necessary fundamental factors to show that a comprehensive reversal of the downward trend is reasonable. #比特币减半 #BTC #ETH