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Good times for Bitcoin millionaires

The recent price declines over the past few months don't seem to have rattled most big investors.

By Mike Hesp
• 1 min read
Good times for Bitcoin millionaires

The recent price declines over the past few months don't seem to have rattled most big investors. Yet the downward trend caused a sizable drain in the number of wallets with a Bitcoin balance of at least one million U.S. dollars.

About three weeks ago the number of wallets with this status hit a low for this year. Since then there has been a strong recovery: according to data from analytics platform Glassnode, the number of wallets with million-dollar power has risen by twelve percent.

Glassnode currently counts almost 137,000 wallets holding at least 10.4 Bitcoin — a value that, at the current price, is roughly one million dollars. For comparison: on April 8 there were about 122,000.

The record was set on December 16, when more than 160,000 addresses surpassed this threshold. Also on January 21 the number was still slightly lower. In both cases, Bitcoin was trading around $105,000.

The trend in wallet counts is closely tied to Bitcoin's price. When the price rises, whale wallet value also rises.

After the early April correction, when Bitcoin dipped below $75,000 on April 7, the leading cryptocurrency has since regained substantial ground. Currently, the price sits at about $95,400.

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