There are now 100,000 Bitcoin addresses holding over $1 million

The current Bitcoin wave has ushered in millionaires as the asset continues to attract more investors.

Data acquired by Finbold indicates that at least 109,952 addresses each have a Bitcoin balance of about $1 million as of February 22, 2021. About 9,200 of the addresses each have a balance of $10 million, while the remaining 100,752 addresses have a balance amounting to $1 million each.

Furthermore, addresses with Bitcoin worth $100,000 stand at 480,956, while about 2.2 million wallets hold Bitcoin with a value of $10,000.  Another 6.5 million addresses each contain a balance worth $1,000. The largest group of addresses have a Bitcoin balance of $100 at 15.08 million.

Large holders driving Bitcoin market

The analysis explains the variation between large Bitcoin holders and smallholders. According to the report:

“In normal circumstances, large Bitcoin address holders do not buy the asset during rallies like retail investors. In the long run, large Bitcoin addresses aim to drive the market and shake out retail investors in panic and capitalize on opportunities to buy relatively cheaply.”

At the same time, large Bitcoin holders, who are in most cases institutional investors, have played a key role in the asset’s recent bull run. The rally has seen Bitcoin hit an all-time of just above $58,000 with a market capitalization of over $1 trillion.

Despite minor correlations, Bitcoin has still managed to record an impressive 85.3% year-to-date gains as of February 22, 2021. In general, the price movement will have an impact on the value of Bitcoin held by the addresses.

Read the full story with statistics here: https://finbold.com/there-are-now-100000-bitcoin-addresses-holding-over-1-million/

Source: FinBold