Bitcoin (BTC) millionaires are made when the BTC price crosses $20,000, data reveals.
According For on-chain analytics firm Glassnode, there are currently over 67,000 BTC wallets worth $1 million or more.
$20,000 makes 50 BTC hodlers happy
Bitcoin is famous for its relationship with the price of $20,000.
Standing out since it became the all-time high of Bitcoin’s previous halving cycle, $20,000 is more than just a technical and psychological line in the sand.
As Glassnode now shows, when BTC/USD crosses that price point, many hodlers gain or lose US dollar millionaire status.
In late 2022, for example, when Bitcoin fell below $20,000 in the wake of the FTX scandal, “million dollar” wallet numbers plummeted like a stone overnight.
Fast forward to January 2023, and the opposite can be seen: as soon as BTC/USD retook the $20,000 mark, those wallets reappeared en masse.
On January 13, with BTC/USD at just under $20,000, there were around 27,000 wallets with a balance of $1 million or more.
On January 14, that cohort of wallets had grown to 65,000, while the price traded for just $1,000 more. It seems that many wallets contain exactly 50 BTC.
For reference, at the time of Bitcoin At the most recent all-time high in November 2021, wallets worth $1 million or more totaled nearly 113,000.
Almost 1 million “wholecoiners”
As Cointelegraph reported, the fortunes of hodlers rose dramatically in the first few months of 2023.
Related: Bitcoin Exchanges Now Hold 16% Less BTC Than Older Hodlers
It’s not just millionaires who have regained crucial financial momentum lost during the 2022 bear market: both long and short-term holders are giving up and even refusing to withdraw money.
Meanwhile, the number of so-called “wholecoiners” (wallets with a balance of at least 1 BTC) continues to move towards the 1 million mark for the first time in Bitcoin history.
As of February 28, there are 982,726 such wallets, Glassnode shows.
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