Bitcoin ‘millionaires’ increased 140% as BTC price crossed $20K — data

Bitcoin (BTC) millionaires are made when the BTC price crosses $20,000, data reveals.

According to 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 $20,000 price tag.

Prominent since becoming 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 either gain or lose U.S. dollar millionaire status.

In late 2022, for example, when Bitcoin fell below $20,000 in the wake of the FTX scandal, “millionaire” wallet numbers plummeted like a stone overnight.

Fast forward to January 2023, and the opposite can be observed — as soon as BTC/USD reclaimed the $20,000 mark, those wallets reappeared en masse.

On Jan. 13, with BTC/USD at just under $20,000, there were around 27,000 wallets with a balance worth $1 million or more.

On Jan. 14, that wallet cohort had increased to 65,000, while the price traded just $1,000 higher. Many wallets, it appears, contain exactly 50 BTC.

For reference, at the time of Bitcoin’s most recent all-time high in November 2021, wallets worth $1 million or more totaled almost 113,000.

Nearly 1 million “wholecoiners”

As Cointelegraph reported, hodlers’ fortunes have increased dramatically in the first months of 2023.

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