LIVEThis Bitcoin Bull Run Is Breeding Millionaire Whales at Slower Pace, Data Show
This Bitcoin Bull Run Is Breeding Millionaire Whales at Slower Pace, Data Show Currently, less than 2,000 millionaires, or wallets with $1 million worth of bitcoin, are created daily.
That's significantly lower than the 2020-21 bull run.
The ongoing bitcoin bull run is characterized by Wall Street's embrace of the long-awaited spot exchange-traded funds.
Still, the rally is producing "Millionaires," however, at a slower rate than the 2020-2021 uptrend.
The leading cryptocurrency by market value has risen 70% this year, setting new record highs above $72,000.
According to data tracked by Paris-based Kaiko, less than 2,000 millionaires, or wallets with $1 million worth of bitcoin, are created daily.
That's significantly lower than the last bull run, which bred over 4,000 millionaire wallets per day and over 2,000 wallets with a $10 million balance per day.
The slower pace might mean the bull run is still in the early stages, and the pace of inflows is yet to peak.
The conclusion is consistent with market consensus that prices could rise to $150,000 and higher in the coming months due to continued inflows into the spot ETFs and the impending halving-induced supply reduction.
"This could be due to a few things: New capital has yet to arrive in full force. Large whales are taking profit as BTC hits new highs. Whales are storing their holdings with custodians, rather than personal wallets," Kaiko said in the weekly newsletter.
Sourch: Coindesk
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