Bitcoin Millionaires Soar as Crypto Market Booms
The number of Bitcoin millionaires has tripled in 2023, reaching over 81,000 addresses holding over $1 million in Bitcoin. This surge coincides with Bitcoin's price rally, surpassing $37,000. Short-term holders have profited from the rally, while long-term holders have been accumulating before the upcoming Bitcoin halving. The increasing number of millionaires is supported by strong liquidity trends and institutional interest, with the Chicago Mercantile Exchange becoming a preferred venue for traditional finance companies. The order book depth has tightened, indicating a lack of sellers compared to buyers, and the market rally suggests a shift in dynamics that may start the next bull market.