Bitcoin Millionaires More Than Doubled After BTC Crossed $20,000
Bitcoin's all-time high from 2017 of $20,000 continues to hold an important place in the minds of long-term investors, according to Glassnode.
The company’s data reveals that over 67,000 BTC wallets are worth $1 million or more.
The $20,000 price point for Bitcoin has been notable since it became the all-time high of its previous halving cycle. As Glassnode’s data shows, the $20,000 level significantly impacts the number of “millionaire” wallets, as hodlers either gain or lose their millionaire status based on whether BTC/USD crosses that threshold.
For example, in late 2022, when the asset fell below $20,000 after the FTX scandal, the number of wallets with a balance of $1 million or more plummeted.
However, when BTC/USD reclaimed the level in January this year, those millionaire wallets reappeared en masse. On January 13, when BTC/USD was just under $20,000, there were around 27,000 wallets with a balance of $1 million or more. But the following day, when the price traded just $1,000 higher, that number had increased to 65,000. Interestingly, many wallets appear to contain exactly 50 BTC.
At the time of Bitcoin’s most recent all-time high in November 2021, the number of wallets worth $1 million or more totaled almost 113,000.
However, it’s not just millionaires who have regained their financial footing after the 2022 bear market; both long-term and short-term holders are staying committed and refusing to cash out.
Another exciting trend is the rise of “whole-coiners” – wallets with a balance of at least 1 BTC – approaching the 1 million mark for the first time in Bitcoin’s history. Glassnode’s data shows that as of February 28, there are 982,726 such wallets.
Overall, Glassnode’s data highlights the significance of Bitcoin’s previous all-time high of $20,000, not just as a psychological level for traders but also as a financial milestone for hodlers who own large amounts of the cryptocurrency.
As Bitcoin’s price fluctuates, it remains to be seen how many hodlers will become millionaires and how many will lose their millionaire status.