The Bitcoin millionaires club is growing again

While the number of address holding more than 100 Bitcoin is down since March, it’s starting to pick up again as Bitcoin nears $10,000.

The number of Bitcoin (BTC) addresses holding more than 100 Bitcoin has increased by 43 in the last five days, breaking above 15,950. At current values, 100 Bitcoin is worth $970,000, meaning that anyone holding slightly more than this amount is a Bitcoin millionaire.

For context, this number doesn’t necessarily mean that there are just shy of 16,000 Bitcoin millionaires. It’s a measure of how many Bitcoin wallets hold a minimum of this amount. Many of the wallets are likely owned by exchanges, which pool their funds together.

1/ After declining to start the month, the number of addresses holding more than 100 #Bitcoin has been on the rise over the past 5 days, with 43 new addresses joining the 100+ $BTC club.

Over the past few months, the growing number of large BTC holders

— Santiment (@santimentfeed) June 9, 2020

According to data from analytics platform Santiment, the number of accounts containing 100 Bitcoin or more bounced back up recently when Bitcoin rallied from $9,540 to $9,750.

However, the number has fallen considerably since March, when there was a large market crash. Around this time, there was a sudden spike in the number of large Bitcoin addresses, rising to 16,250, before plunging below 15,950 in a week.

According to BitInfoCharts, there are now 1,565 addresses holding more than $10 million of Bitcoin. The single wealthiest Bitcoin address is managed by the Singapore-based cryptocurrency exchange Huobi and holds a balance of 255,502 BTC—equivalent to around 1.4% of the circulating supply. It contains more than double the next wallet size.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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