Bitcoins surge 73 million fresh BTC addresses created in the first half of 2024
As we approach the end of the first half of 2024, the impact of the ongoing cryptocurrency bull market is becoming more apparent. Following a challenging period for the crypto market marked by low prices and increased regulatory scrutiny, the rumors of a digital asset exchange-traded fund (ETF) approval in October 2023 sparked a resurgence that was further boosted by the approval of spot Bitcoin (BTC) ETFs in the United States in January 2024.
Research by Finbold has shown that by June 11, 2024, there was a significant increase in interest in cryptocurrencies, leading to a rise in the number of BTC addresses. At the time of reporting, nearly 85 million addresses held at least $1 worth of Bitcoin, equivalent to at least 1,400 Sats. This was a notable increase from approximately 77.5 million addresses recorded on January 4, 2024.
In the first half of 2024, approximately 7.3 million new Bitcoin addresses were created. This equates to an average of 1.2 million new addresses each month and 46,000 new addresses each day, representing a total increase of 9.51%. Additionally, the number of BTC millionaires, defined as addresses holding more than $1 million worth of the cryptocurrency, increased by nearly 30,000 from 96,736 to 126,733 during this period.
Interestingly, while the number of Bitcoin millionaires saw a significant rise in 2024, the growth rate was slightly lower compared to the previous year. Research indicates that the number of BTC millionaires had grown by 70,000 in the 12 months leading up to 2023 and by more than 50,000 in the first quarter of that year. Despite the bullish market trends, it is projected that 2024 will see around 10,000 fewer BTC millionaires added compared to 2023.
The stagnation in the growth of BTC addresses between May and June, as well as a decrease in the number of BTC millionaires, has led to speculation about traders potentially abandoning Bitcoin due to price stagnation. The slower growth in 2024 compared to the previous year could be attributed to the shorter and more volatile price fluctuations experienced by Bitcoin, which reached an all-time high of $73,084 in March before stabilizing in the range of $67,000 to $71,000.
The approval of BTC ETFs in the U.S. in January may have also contributed to the slower growth in BTC addresses, as major financial institutions like BlackRock may be holding significant amounts of BTC in a single address associated with multiple investors. Despite the temporary slowdown, a significant price movement in either direction could reignite interest in Bitcoin and potentially lead to further growth in the number of BTC addresses and millionaires.
