Ongoing Bitcoin Bull Run Spurs Creation of 1,500 Millionaire Wallets Daily: Research

The ongoing bull run in the crypto market has sparked a surge in the creation of millionaire wallets, with Bitcoin leading the charge. According to a recent report by Kaiko Research, the current bull run generates over 1,500 new millionaire wallets daily, highlighting the growing wealth accumulation within the cryptocurrency space.

Comparing this figure to the previous bull run in 2021, when over 4,000 wallets reached millionaire status daily, Kaiko’s findings suggest a slightly slower pace of wealth creation this time around. However, this trend does not indicate a lack of interest or investment in Bitcoin. 

BTC rally is creating around 1,500 millionaire wallets daily.

This wealth effect will drive a domino effect on the broader crypto markets:

> BTC holders divest their wealth to alt coins
> BTC holders to engage in DeFi with BTC ecosystem development
> Marketing to go viral… pic.twitter.com/3SHcPwnqTC

— Eugene Ng (I’m Hiring) (@Eug_Ng) March 12, 2024

Rather, it reflects a more cautious approach by investors and whales alike, keen to ensure the sustainability of the current price rally before committing significant capital.

Despite the lower daily count of new millionaire wallets, the overall number of Bitcoin addresses holding significant wealth continues to grow steadily. This trend underscores the increasing adoption and acceptance of Bitcoin as a store of value and investment asset.

Millionaire Wallets Statistics

The report also highlights the record for the number of BTC millionaire wallets created in a single day, which stands at 1,691 on March 1st. 

This milestone further solidifies Bitcoin’s status as a wealth-generating asset, with its price surge driving significant gains for early adopters and investors.

Despite the bullish sentiment surrounding Bitcoin, there are indications of a cautious approach among investors. The recent surge in liquidations in the derivative markets following Bitcoin’s price movements suggests that investors are closely monitoring market conditions and are prepared to take profits when necessary.

Overall, the data from Kaiko Research paints a positive picture of Bitcoin’s current bull run, highlighting the growing wealth accumulation and investor interest in the cryptocurrency.

While the pace of new millionaire wallets may have slowed compared to previous bull runs, the overall trend remains bullish, with Bitcoin continuing to attract new investors and institutional interest.

BTC Market Outlook

Bitcoin surged past the $72,000 milestone on Monday due to supply constraints, expectations of a Federal Reserve interest rate cut in June, and strong demand following the introduction of spot Bitcoin ETFs.

The cryptocurrency’s latest record high reflects investors’ optimism, with many predicting further gains throughout 2024. Standard Chartered, as reported by Yahoo Finance, anticipates Bitcoin to surpass $100,000 by the end of the year.

Research firm Fundstrat projects Bitcoin to stabilize between $116,000 and $137,000, while hedge fund SkyBridge predicts a price of $170,000 by April 2025. VanEck maintains its medium-term target at $350,000.

Mark Connors, the research head at crypto asset manager 3iQ, predicts that Bitcoin will hit $180,000 by the conclusion of 2024 and surge to $450,000 by 2025.

The Bitcoin network is currently generating only 900 coins per day, creating a scenario where demand for the cryptocurrency surpasses its supply. Since January, newly introduced ETFs have acquired an average of 4,000 coins daily, as reported by Yahoo Finance.