Bitcoin At ATH, But New ‘Millionaire’ Wallets Are Late – Caico

Following the asset's recent rally, the new daily Bitcoin (BTC) “millionaire” wallet increased by 1,500 to $72,000 – although the tension is still being dampened by the number of new millionaires emerging each day during the last bull run.

According to a March 11 report from Caico Research, the number of daily million-dollar bitcoin wallets was as low as less than 500 in January, but is now approaching the 2,000 mark.

But during the last bull run — when bitcoin hit an all-time high of $69,000 on November 10, 2021 — more than four thousand wallets hit $10 million every day, and another two thousand wallets hit $10, Kaiko said. million every day.

“Despite recent price increases, on-chain bitcoin whales are seeing a slow return,” he said.

In fact, the number of new daily Bitcoin millionaires is almost the same as the number from July 2022 when Bitcoin dropped below $20,000.

Kaiko said that the new daily Bitcoin millionaire wallet “cold returns” with new capital in “full force” and that big whales could profit from Bitcoin reaching new highs.

“In 2021, there was a huge influx of capital as all kinds of bulls wanted to take advantage of the crypto hype. At this point, whales may take a more cautious approach, waiting to see if the profits have legs before investing.

Caico said there may be more whales that store their possessions with keepers as opposed to private wallets.

In the year Space launch Bitcoin exchange-traded funds (ETFs) may have played a role here, as nine new U.S.-based spot Bitcoin ETFs have amassed more than $28 billion worth of bitcoin since their Jan. 8 launch, according to March 8. Data from BitMEX Research.

Coinbase and BitGo are among the main custodians of the space's Bitcoin ETFs.

Instead of holding Bitcoin directly, investors in spot Bitcoin ETFs hold shares in ETFs, which means indirect Bitcoin holdings are not reflected in this wallet data.

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Last year, the number of Bitcoin Millionaire wallets increased by 300% to nearly 90,000 during the year, according to cryptocurrency research firm Glassnode.

In the year 2023 marked a resurgence for Bitcoin “hodlers” – the price increased by 160% to $42,200.

Since then, Bitcoin has risen 71 percent and is worth $72,200 at press time.

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