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The number of new daily Bitcoin (BTC) “millionaire” wallets has increased to around 1,500 following the asset’s recent rally to $72,000. This uptick, however, is still lower compared to the number of new millionaires created daily during the last bull run.
A report from Kaiko Research revealed that the number of new daily million-dollar Bitcoin wallets was under 500 in January but has now approached 2,000. This surge includes wallets surpassing $1 million and $10 million per day.
During the previous bull run when Bitcoin hit its previous all-time high of $69,000 in November 2021, over 4,000 wallets reached the million-dollar mark daily, with an additional 2,000 wallets hitting $10 million every day.
Despite the recent price surge, on-chain Bitcoin whales are seeing a slow return. The current number of new daily Bitcoin millionaires resembles figures from July 2022 when Bitcoin dropped below $20,000.
Kaiko attributed this slow return to new capital not being fully deployed yet and large whales potentially taking profits as Bitcoin reached new highs. The cautious approach of whales could also be a result of more funds being held with custodians rather than personal wallets.
The launch of spot Bitcoin exchange-traded funds (ETFs) in the US may have influenced this trend, with over $28 billion worth of Bitcoin accumulated since their launch in January, according to BitMEX Research.
In contrast to holding Bitcoin directly, investors in spot Bitcoin ETFs hold shares in the ETFs, which is not reflected in the whale wallet data. This shift in investment strategy could be contributing to the slower rise in daily Bitcoin millionaire wallets.
Last year, the number of Bitcoin millionaire wallets surged nearly 300% to 90,000, as reported by Glassnode. In 2023, Bitcoin experienced a renaissance with a 160% price increase to $42,200. The current price of Bitcoin stands at $72,200.
This data highlights the evolving landscape of Bitcoin investments and the changing strategies of large holders in response to market dynamics. For more news and updates on cryptocurrencies, visit Global Crypto News.
