Fun

Bitcoin at ATH, but new ‘millionaire’ wallets are lagging — Kaiko

News Feed - 2024-03-12 10:03:14

Brayden Lindrea7 hours agoBitcoin at ATH, but new ‘millionaire’ wallets are lagging — KaikoOn-chain Bitcoin whales have had a slow return, despite Bitcoin surpassing its previous all-time high.3829 Total views12 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe number of new daily Bitcoin (BTC) “millionaire” wallets has increased to around 1,500 following the asset"s recent rally to $72,000 — though the uptick is still dwarfed by the number of new millionaires minted daily during the last bull run.


According to a March 11 report from Kaiko Research, the number of new daily million-dollar Bitcoin wallets was at a low of less than 500 in January but is now ticking closer to the 2,000 mark.Number of new Bitcoin wallets surpassing $1 million and $10 million per day. Source: Kaiko


Kaiko, however, noted that during the last bull run — when Bitcoin set its previous all-time high of $69,000 on Nov. 10, 2021 — more than four thousand wallets reached the million-dollar mark daily, with another two thousand wallets reaching $10 million every day.


“Despite the recent price surge, on-chain bitcoin whales are seeing a slow return,” it noted.


In fact, the number of new daily Bitcoin millionaires now is similar to figures from July 2022 when Bitcoin plummeted below $20,000.


Kaiko attributed the “slow return” of new daily Bitcoin millionaire wallets to new capital not yet being deployed in “full force” and large whales potentially taking profits as Bitcoin hit new highs.“In 2021, there was a huge influx in capital as all manner of bull sought to benefit from the crypto hype. This time around, whales could be taking a more cautious approach, waiting to see if the gains have legs before investing.”


Kaiko also said there could be more whales storing their holdings with custodians as opposed to personal wallets.


The launch of spot Bitcoin exchange-traded funds (ETFs) may have played a role here, as the nine new United States-based spot Bitcoin ETFs have accumulated more than $28 billion worth of Bitcoin since the ETFs launched in January, according to March 8 data from BitMEX Research.


Coinbase and BitGo are among the main custodians of the spot Bitcoin ETFs.


Rather than holding Bitcoin directly, investors in spot Bitcoin ETFs hold shares in the ETFs, which would mean their indirect Bitcoin holdings would not be reflected in this whale wallet data.


Related:Report suggests 6 billionaire crypto traders earned their fortunes from Bitcoin


Last year, the number of Bitcoin millionaire wallets skyrocketed nearly 300% to 90,000 across the year, according to cryptocurrency research firm Glassnode.


2023 marked a renaissance for Bitcoin “hodlers” — with the price increasing about 160% to $42,200.


Bitcoin has spiked a further 71% since then and is priced at $72,200 at the time of publication.Bitcoin’s change in price over the last 24 months. Source:CoinGecko


Magazine:Manzi the magnificent: From millionaire at 16 to incredible IoT inventor# Bitcoin# Bitcoin Wallet# Business# Wallet# Bitcoin Price# Bitcoin Analysis# ETF# AdoptionAdd reactionAdd reaction

News Feed

Biggest Movers: XRP, ADA Rebound From 2-Month Low on Saturday
Biggest Movers: XRP, ADA Rebound From 2-Month Low on Saturday Xrp rebounded from a two-month low to start the weekend, as prices moved back above a key support point. The token, wh
Bitcoin To $125K By End Of Q2? Bold Call From Bybit Executive
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Spanish Telecom Giant Telefonica Partners With Qualcomm to Develop Joint Metaverse Initiatives
Spanish Telecom Giant Telefonica Partners With Qualcomm to Develop Joint Metaverse Initiatives Telefonica, one of the largest telecom carriers in Spain, and Qualcomm, the fabless c
Nivesh Rustgi3 hours agoBitcoin mining stocks outperform BTC in 2023, but on-chain data points to a potential stallBitcoin mining stocks have been on a triple-digit tear in 2023, but an uptick in BTC sent to exchanges hi
SUI Defies Odds With A Sharp Rebound Above $4.9: New Highs Loom?
Este artículo también está disponible en español. SUI has made an impressive comeback, defying market expectations with a robust rebound that propelled its price above th
.NFT Web Domain Extension Scooped Up for Record $84K by Kenetic’s Jehan Chu
.NFT Web Domain Extension Scooped Up for Record $84K by Kenetic’s Jehan Chu Jehan Chu, who owns 1,300 Handshake domains, will be able to issue an unlimited num
JPMorgan Expects Major Changes Coming to Crypto Industry and Regulation Post FTX Collapse
JPMorgan Expects Major Changes Coming to Crypto Industry and Regulation Post FTX Collapse JPMorgan has outlined key changes it expects in the crypto industry and its regulation fol
BCH Ecosystem Gains New NFT and Dex Platforms, TVL in Smartbch Defi Climbs 180% in 30 Days
BCH Ecosystem Gains New NFT and Dex Platforms, TVL in Smartbch Defi Climbs 180% in 30 Days During the last few months, the Smartbch project has swelled with numerous projects, cust
Analyst Says XRP Price Is Ready For A Breakout As Metrics Turn Bullish, What To Expect
Este artículo también está disponible en español. Crypto analyst Random Crypto Pal has predicted that the XRP price is finally ready for a breakout, just as on-chain metr
Derek Andersen5 hours agoEuropean regulator releases consultative paper on MiCA standards for crypto asset service providersThe European Securities and Markets Authority will release three consultations as it fulfills it
Skeptics Concerned Plustoken Scammers Plan to Dump $187M Worth of Ethereum
Skeptics Concerned Plustoken Scammers Plan to Dump $187M Worth of EthereumCrypto market skeptics and speculators are concerned about 789,000 ETH that started moving four days ago la
AMPL depositors complain of frozen funds on Aave
Christopher Roark14 hours agoAMPL depositors complain of frozen funds on AaveThe AMPL pool on borrowing and lending protocol Aave suffered a liquidity crunch in December due to a contract bug, and DAO participants contin