Bitcoin Millionaire Wallets Surge by Over 11,600 in August
The number of Bitcoin wallets holding over $1 million in BTC increased by 11,636 in August, marking a 10.4% rise from July's total of 111,846 to 123,482, according to data from BitInfoCharts as reported by Finbold.
This growth is attributed to a combination of factors, including 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, which may have encouraged accumulation by both long-term holders and new entrants with significant capital.
On-chain analysts also point to a trend of 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.