Bitcoin’s ‘up only’ rally creating around 1.5K crypto millionaires daily — Data

BTC’s consecutive all-time highs are printing thousands of new millionaires, industry data shows.

Bitcoin’s price continues to set a series of new all-time highs this week, surpassing $73,000 on March 13. Its strong performance is producing approximately 1,500 “millionaires” daily, according to data from Kaiko Research. 

Bitcoin price hits a new all-time high above $73,000

Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin (BTC) price rose from an opening at $71,473 on March 13, climbing 3.5% to set a new all-time high at $73,709 on Coinbase.

This performance comes as institutional capital continues to flood the BTC market fueled by the recently approved spot Bitcoin exchange-traded funds (ETFs).

Independent investor HODL15Capital flagged the increasing inflows into spot Bitcoin ETFs. In a March 13 post on the X social network, the investor shared a chart showing that the daily inflows into spot Bitcoin ETFs hit a record $1 billion of net inflows on March 12, urging investors not to sell their BTC to ETFs.

With these inflows, the spot Bitcoin ETFs now account for nearly 90% of the daily trading volume market share for ETFs offering exposure to BTC, according to data tracked by The Block.

These figures show investors’ increasing preference for direct exposure to BTC through ETFs vis-a-vis Bitcoin futures contracts-based products.

1,500 new “Bitcoin millionaires” are created daily

According to a report by Kaiko Research, BTC’s latest rally, backed by U.S. spot Bitcoin ETFs, is creating about 1,500 millionaire wallets on a daily basis. This highlights the growing wealth accumulation in the cryptocurrency sector.

According to the chart above, the total number of wallets with $1 million and $10 million worth of BTC created on a daily basis is less than 2,000.

This is a significantly lower number than those created during the 2021 bull run, when “more than four thousand wallets were reaching the million-dollar mark daily, and more than two thousand wallets were reaching $10M,” noted the report.

Kaiko researchers attribute the slower pace of millionaire growth to a lack of new capital, profit-booking by whales as “BTC hits new all-time highs,” and whales storing their “holdings with custodians, rather than personal wallets.” The report explained:

“In 2021, there was a huge influx in capital as all manner of bulls 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.”

The Kaiko research also revealed steady growth in the overall number of Bitcoin addresses holding significant wealth, underscoring increasing adoption and acceptance of Bitcoin as a store of value and investment asset.

Analysts have varying targets for BTC price in 2024

Bitcoin’s continued uptrend echoes investors’ positivity, with analysts predicting further gains moving forward.

According to Standard Chartered, BTC price might surpass $100,000 by the end of 2024.

Hedge fund SkyBridge predicts a price of $170,000 by April 2025, while Fundstrat projects BTC to range between $116,000 and $137,000 by the end of the year. Investment management firm VanEck maintains its medium-term target at $350,000.

Independent analyst Ted Talks Macro noted that funds were flowing into the Bitcoin market “like never before,” saying that the pioneer cryptocurrency was on its way to $100,000.

As Bitcoin continues to rally, market participants expect the upcoming supply halving slated for April 2024 to propel the price higher.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.