Your title says "addresses" and you post says "wallets", so which is it?
Thank you chief, I've effected the correction.
If those 1M wallets come from 1M different people, that's certainly good progress because adoption has reached 1M people. But we don't know if it's real 1M people or just wallets owned by some people trying to store 1 BTC in multiple wallets.
It was clearly stated that some of those addresses might belong to crypto exchanges while some might belong to individuals with multiple addresses.
in every bullish and bearish market, there is always a change of ownership among Bitcoin holders. Most people see the bull run as an opportunity to sell off all their holdings, which is why there will always be others willing to buy and bag up more.
The bull season is a period where some old holders would be exiting their positions by selling their bitcoin while new holders would buy the bitcoin thereby retaking their positions. During the 2017 bull season, there were over 500,000 addresses with atleast 1 million Bitcoin but this figure has increased over the years.