1,500 New Bitcoin Millionaire Wallets Daily Amid Rally

Bitcoin's recent rally is creating approximately 1,500 new millionaire wallets each day, despite a slower pace compared to 2021.
1,500 New Bitcoin Millionaire Wallets Daily Amid Rally
Image Source

Key Takeaways

  • Around 1,500 new 'millionaire wallets' are being created daily due to Bitcoin's rally.
  • Despite a 70% increase this year, the pace of millionaire wallet creation is slower than in 2021.
  • Cautious large investors and preference for custodial services have influenced wallet growth compared to 2021.

Bitcoin’s current rally is producing around 1,500 new “millionaire wallets” daily.

These wallets, holding significant amounts of Bitcoin, reflect a notable wealth shift.

The Bitcoin blockchain’s transparency allows public viewing of BTC held by each address, yet owner identities remain hidden.

Comparing past and present

The 70% increase in BTC this year has been fueled by excitement over US-based spot Bitcoin ETFs.

However, the creation rate of millionaire wallets is slower than in the 2021 bull market.

The peak this year was on March 1, with 1,691 new millionare wallets, compared to over 4,000 wallets daily in 2021.

Factors influencing growth

Several factors contribute to the tempered growth of millionaire wallets.

Kaiko Research suggests a gradual inflow of fresh capital and a cautious approach by large investors have slowed growth compared to 2021.

Additionally, many opt for custodial services over personal wallets.

Bitbo Dashboard → / Original Article