Crypto
Bitcoin Millionaire Wallets Rise by 11,636 Amid Price Stability
The number of Bitcoin wallets holding more than $1 million in BTC increased by 11,636 in August, marking a 10.4% rise from 111,846 to 123,482, according to data from BitInfoCharts reported by Finbold.
This surge in large Bitcoin wallets coincides with a period of relative price stability and renewed institutional interest in digital assets. Bitcoin traded within a broad range throughout August, avoiding the sharp volatility seen earlier in the year.
On-chain analysts attribute this trend to self-custody, where investors move assets from exchanges to private wallets. This shift can inflate the number of wallets with large balances without necessarily indicating new buying activity.