Kaiko analysts note that the rate at which wallets with balances over $1 million are appearing is still below the previous Bitcoin bull market cycle
As the bitcoin exchange rate rises, an average of about 1,500 new "millionaire wallets" appear every day. And that hold $1 million or more worth of cryptocurrency. However, this figure is still lower than during the 2021 bull market, data provided by analytics platform Kaiko.
Transaction data on cryptocurrency wallets Bitcoin is public. But it is not possible to establish their belonging to a specific owner. Kaiko tools do not take into account the addresses of exchanges and other major crypto services.
The highest number of new wallets containing more than $1 million in bitcoins. And since the beginning of the year - 1,691 - was recorded on March 1. In 2020-2021, more than 4,000 wallets with a balance of about $1 million and more than 2,000 wallets with more than $10 million appeared every day.
In 2021, the crypto market was swept by a wave of retail investors eager to capitalize on the wave of excitement. However, in 2023, large investors behaved more cautiously. And sold their assets as bitcoin hit new highs, Kaiko writes.
Our experts note that the slower pace may also be due to the fact that the inflow of new capital has not yet gained momentum. And investors are storing their assets with trustees rather than in their personal wallets.