Every upward market movement of Bitcoin is known for creating a significant number of new millionaires. However, despite the Bitcoin price rallying to $72,000, the increase in millionaire wallets during this surge has been modest.
Only 1,500 new millionaire wallets were added, a figure that pales in comparison to the growth observed in 2021.
In January 2024, the number of "new millionaires" was at a low, with less than 500 for Bitcoin. Now, this number is on its way to 2,000. During the last bull market, about four thousand wallets with at least $1 million in Bitcoin were added at the peak. For wallets with $10 million, this number was even two thousand per day.
"Despite recent spectacular rises, the return of on-chain Bitcoin whales has been limited," reports Kaiko about this trend.
This could be caused by Spot Bitcoin ETFs, whose purchases are not visible on the blockchain. If individual buyers used their own wallet on the blockchain, there would likely have been many more new millionaires.
Are Whales Taking Profits?
Kaiko offers an explanation for the "slow growth" of new Bitcoin millionaires. According to the analytics platform, new capital is not being injected into the market with "full force," and it is likely that large whales are taking their profits on the new record highs of Bitcoin.
"In 2021, we saw a significant influx of capital, as everyone wanted to be part of the spectacle. This time, the big players may be more cautious, waiting to see if the rise continues before they invest," says Kaiko.
Additionally, they note that many big players may have placed their Bitcoin with other entities, such as leading firms like BlackRock and Fidelity, which offer successful Spot Bitcoin ETFs.
