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Bitcoin‘s (BTC) recent price rally has led to the emergence of about 1,500 new “millionaire wallets” each day. This statement from Kaiko Research indicates an increase in the number of wealthy individuals within the cryptocurrency ecosystem. Many of these millionaires continue to store their cryptocurrencies in wallet addresses on the Bitcoin blockchain. Blockchain transparency allows for clear visibility of token counts while preserving owner privacy. This ambiguity raises questions about whether wallet owners are individuals or institutions.
Bitcoin Still Hasn’t Reached 2021 Levels
Since the beginning of 2024, the price of BTC has increased by more than 70%, finding strength from the excitement and purchases driven by US-based spot Bitcoin exchange-traded funds (ETFs). Spot Bitcoin ETFs were approved in January of the past year, offering a significant service to investors.
Despite the rise, the rate of emergence of millionaire wallets seems to have decreased compared to the 2021 bull market. During that period, it was known that more than 4,000 wallets had millionaire status. The peak this year was marked by 1,691 wallets on March 1st.
Various factors are causing this relatively weak growth. Kaiko’s analysis suggests a gradual new capital entry. Those who seize the opportunity, including big investors or “whales,” seem to not be turning down the chance to profit from high prices.
Moreover, many investors prefer using custody services instead of personal wallets for their BTC holdings. Kaiko Research made the following statement:
In 2021, there was a significant flow of capital as everyone tried to benefit from any kind of bull crypto frenzy. This time, whales may be adopting a more cautious approach, waiting to see if the gains have solid footing before investing.
Celebrities’ Approach to Bitcoin
While all this is happening, the cryptocurrency Bitcoin has also caught the attention of celebrities, helping to reach wider audiences. Canadian singer Drake recently shared a post by Bitcoin bull Michael Saylor on his Instagram story with his 146 million followers, drawing attention.
Meanwhile, MicroStrategy made a new purchase worth $821.7 million in recent days, adding 12,000 BTC to its holdings. After this acquisition, the firm is now seen to own over 205,000 BTC, valued at over $14.84 billion.
