Bitcoin: The Number of Addresses Holding Over One Million Dollars Soars in August

The number of addresses holding at least one million dollars in Bitcoin increased by 10.4% during the month of August. According to available statistics, it rose from 111,846 to 123,482. This increase coincides with a monthly rebound of over 20% in BTC. However, it does not mean that 11,636 individuals became millionaires, as one address does not necessarily equate to a unique investor.

In brief

• The number of Bitcoin millionaire addresses increased by 10.4% in August, rising from 111,846 to 123,482.
• The monthly rebound of over 20% in BTC significantly contributed to this rise.
• Addresses holding more than 10 million dollars also increased, reaching 15,584.
• Exchanges, companies, and other large players can control multiple Bitcoin addresses.
• Despite the rise in August, the number of millionaire addresses remains below the level seen in January.

Bitcoin's Rally Breaks New Thresholds

At the end of July, 111,846 addresses held at least one million dollars in BTC, while over one million accounts held a token. Their number approached 123,482 by August 31, marking an increase of 11,636 addresses in one month.

This evolution also concerns the largest wallets. The number of addresses capitalized at over 10 million dollars rose from 14,009 to 15,584. This group thus gained 1,575 additional addresses, or 11.24%.

Key figures help assess the scale of this movement:

• 123,482 addresses held over one million dollars in BTC as of August 31;
• Their number changed by 11,636, or 10.4%, in one month;
• 15,584 addresses exceeded the 10 million dollar threshold;
• Bitcoin was valued at approximately 78,092 dollars, up 21.46% over thirty days.

This progression largely stems from the rise in Bitcoin. An address does not necessarily need to receive new BTC to exceed a dollar threshold. The increase in price alone is sufficient to boost the value of its balance.

At 78,092 dollars, nearly 12.8 BTC are needed to surpass one million dollars. Taking a reference price nearly 21.5% lower a month earlier, one would have needed to hold about 15.6 BTC. Addresses that held between these two levels could thus become "millionaires" without acquiring new bitcoins.

A Millionaire Address Does Not Always Represent One Person

The term "Bitcoin millionaire" must be explained with caution. Indeed, the blockchain allows for counting addresses and viewing their balances, but it does not systematically disclose the identities of their holders.

In this perspective, one person can control multiple addresses. At the same time, an address belonging to an exchange can aggregate bitcoins from thousands of clients. Some addresses are also linked to companies, funds, governments, or custodial services.

Statistics mainly reveal that some of the most well-endowed addresses are attributed to Binance, Robinhood, Bitfinex, or Tether. Through their presence, it is impossible to confuse the number of addresses with the actual number of wealthy owners.

Internal transactions of exchanges also alter the statistics. Thus, the redistribution of reserves into various new addresses by an actor can increase the number of millionaire addresses without observing the arrival of new investors or the creation of additional wealth.

January's Level Remains Out of Reach

Despite the rise in August, the number of wealthy addresses remains below the level noted at the beginning of the year. At that time, there were 131,125 addresses valued at over one million dollars, compared to 123,482 as of August 31. There are still 7,643 addresses needed to reach that level.

The same gap is observed among addresses holding 10 million dollars. Indeed, their number was at 16,355 in January, which is 771 more than at the end of August.

The idea of a full return of the bull market is tempered by this difference. Thus, BTC had its best month since November 2024; however, it remains significantly below its all-time high. The number of millionaire addresses remains very sensitive to price fluctuations.

To distinguish a genuine accumulation from a mere capitalization effect, one will need to look at balances expressed in BTC, flows to exchanges, and holding duration. A new increase in the number of millionaire addresses would hold more value if accompanied by net acquisitions, rather than just the mechanical surpassing of a dollar threshold.