Bitcoin’s price continued to reach all-time highs this week, surpassing the $73,000 level on March 13th. According to data from Kaiko Research, Bitcoin‘s strong performance is creating about 1,500 millionaires per day. Data from TradingView shows that after opening at $71,473 on March 13th, Bitcoin’s price increased by 3.5%, reaching an all-time high of $73,709 on centralized exchanges.
What’s Happening on the Bitcoin Front?
This performance emerged as institutional capital continues to flow into the Bitcoin market, fueled by the recently approved spot Bitcoin exchange-traded funds (ETFs). Independent investor HODL15Capital pointed to the increasing inflows into spot Bitcoin ETF funds.
In a post published on social media platform X on March 13th, the investor shared a chart showing that daily inflows into spot Bitcoin ETF funds reached a record net entry of $1 billion on March 12th, urging investors not to sell their Bitcoins to ETF funds.
According to data being followed, with these inflows, spot Bitcoin ETF funds now account for approximately 90% of the daily trading volume market share for ETF funds offering investment opportunities in Bitcoin. These figures indicate that investors prefer direct exposure to Bitcoin through ETF funds over products based on Bitcoin futures contracts.
Increase in Millionaire Wallet Numbers
Kaiko Research reports that the recent rally in Bitcoin, supported by US spot Bitcoin ETF funds, is creating approximately 1,500 millionaire wallets daily. This highlights the growing wealth accumulation in the cryptocurrency sector.
According to the table above, the total number of wallets holding Bitcoin worth between 1 million and 10 million dollars is less than 2,000 daily. The report states that this number is significantly lower than during the 2021 bull run, when more than four thousand wallets reached the million-dollar mark and over two thousand reached 10 million dollars daily.
Kaiko researchers attribute the slowdown in the rate of millionaire growth to a lack of new capital as Bitcoin reaches all-time highs, whales booking profits, and whales storing their assets with custodians rather than personal wallets. The report included the following statement:
“In 2021, there was a significant influx of capital as everyone tried to benefit from the bull crypto frenzy. This time, whales may be adopting a more cautious approach, waiting to see if the gains are sustainable before investing.”
The Kaiko study also emphasized that Bitcoin is increasingly being adopted and recognized as a store of value and investment asset, revealing a steady growth in the total number of Bitcoin addresses with significant wealth.
