After months of decline, August offered a glimpse that the cryptocurrency bear market might be at its end, as rising digital asset prices led to a large increase in the number of addresses holding more than $1 million worth of Bitcoin ($BTC).
Specifically, data compiled by Finbold and retrieved from BitInfoCharts, as well as from the same source using the Wayback Machine, shows that, in late July, there was a total of 111,846 addresses with more than $1 million worth of $BTC.
At press time on August 31, there are 123,482 such wallets, meaning there has been a 10.4% increase – 11,636 new Bitcoin millionaires.
This increase was also visible among the larger whales. Late last month, the number of addresses with more than $10 million worth of the cryptocurrency stood at 14,009 and, at the tail end of August, it is at 15,584.
Under the circumstances, the number of such Bitcoin multi-millionaires rose by 1,575 – a 11.24% increase.
Notably, one person can own multiple wallets, meaning that the number of millionaire addresses can be, but is not necessarily equal to, the number of $BTC millionaires.
Bitcoin millionaires yet to recover to January levels despite latest rally
Crucially, despite the overall cryptocurrency strength in late August, the difference in address numbers between the start of 2026 and press time showcases that the bull market is, at best, at its very beginning.
Indeed, as showcased in an April Finbold report, there were 131,125 wallets with over $1 million worth of $BTC – 6.19% more than on August 31 – and 16,355 with more than $10 million – 4.95% more.
August Bitcoin price rally
Despite the clear losses relative to the start of the year, the recent gains should also not be understated. Indeed, Bitcoin is – at its press time price of $78,092 – up 21.46% in the last 30 days and at highs not seen since May.
Additionally, multiple analysts believe that a rally toward and possibly above $100,000 is coming before the end of 2026, though some, such as the popular trading expert on X, Ali Martinez, also warned that one more significant bearish correction is probable before the upsurge.
Featured image via Shutterstock