The current bitcoin wave has attracted more millionaires as the asset continues to surge.
Data from 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.
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 capitalise 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 capitalisation of over $1-trillion.
Despite minor corrections, bitcoin has still managed to record 85,3% year-to-date gains as of 22 February 2021. In general, the price movement will have an impact on the value of bitcoin held by the addresses.