Bitcoin’s rally is creating around 1,500 ‘millionaire wallets’ daily

The original cryptocurrency has soared around 70% already this year amid exuberance over surging demand for US exchange-traded funds that were first allowed to hold the tokens in January. Even so, the pace of new millionaire wallets being created is lower than during the last bull-market run of 2021, when more than 4,000 wallets were reaching the million-dollar mark daily. The high for the current year was 1,691 wallets on March 1.



The slower pace could be due to a few things. Fresh capital has yet to arrive in full force; large so-called whales are taking profits while Bitcoin hits new highs; whales are storing their holdings with custodians, rather than personal wallets, Kaiko said in a report on Monday.

“In 2021, there was a huge influx in capital as all manner as bull sought to benefit from the crypto hype,” the report said. “This time around, whales could be taking a more cautious approach, waiting to see if the gains have legs before investing.”

Source: Forex-Markets-Economic Times