Bitcoin millionaires: After the crypto market saw bleak AF movement over the last six months, the latest crypto market moves have left some holders back in the green.
In January, the latest baby bull run has made Bitcoin millionaires of close to 44,000 Bitcoin holders as the asset made new headlines for being on the up.
During the final week of January, the number of Bitcoin millionaire addresses reached nearly 70,000, up from nearly 25,000 in the first week of January, after the value of BTC rose by more than 37%.
According to BitInfoCharts, more than 68,228 now hold Bitcoin wallet addresses in excess of US$1 million, while 5,008 addresses hold a value of more than US$10 million.
Bitcoin just had its 11th day in a row outside of the “Fear” zone, according to the Crypto Fear and Greed Index, which is the longest streak since March 2022.
Bitcoin millionaires: Data
Just this week, data from blockchain Glassnode showed that more than 60% of Bitcoin investors are now in profit, and that the majority of those who invested in BTC in 2019 are now in profit too.
On January 21, the crypto market capitalisation broke above US$1 trillion, showcasing evidence that the bear market may be coming to an end. But experts say that the recent upward action may be a ‘bull trap’, and that traders should tread with caution.
In conversation with The Chainsaw, Bryan Venture, a senior lawyer in Web3 shared:
“Since the crypto markets has never existed in a high inflation environment, it’s even harder to look at past performance to predict future price action. The technical indicators still suggest bearish, and buying volumes are relatively low. I think we’re likely seeing a bull trap unfortunately,” he said.
Bitcoin millionaires may even become billionaires one day, so we will keep on eye on things for you.