The recent surge in the price of Bitcoin has led to an increase in the number of new daily Bitcoin “millionaire” wallets. Currently, there are around 1,500 new daily millionaire wallets, a significant rise from the low of less than 500 in January. However, this number falls short compared to the last bull run, where over 4,000 wallets reached the million-dollar mark daily, with an additional 2,000 wallets reaching $10 million every day.
According to Kaiko Research, the slow return of new daily Bitcoin millionaire wallets can be attributed to new capital not being fully deployed yet and larger whales potentially taking profits as Bitcoin reaches new highs. Additionally, more whales may be storing their holdings with custodians instead of personal wallets. The launch of spot Bitcoin exchange-traded funds (ETFs) in the United States may have played a role in this, as these ETFs have accumulated over $28 billion worth of Bitcoin since their launch in January.
It’s worth noting that the number of new daily Bitcoin millionaires is similar to figures from July 2022 when Bitcoin experienced a significant drop below $20,000. This suggests that the recent price surge has not led to a proportional increase in new Bitcoin millionaires.
Last year, the number of Bitcoin millionaire wallets increased by nearly 300% to reach 90,000. The price of Bitcoin experienced a renaissance in 2023, with a 160% increase to $42,200. Since then, Bitcoin has spiked by 71% and is currently priced at $72,200.
Overall, while the recent rally in Bitcoin has led to an increase in millionaire wallets, it is still relatively modest compared to previous bull runs. The slow return of new daily Bitcoin millionaires and the potential role of custodians and ETFs highlight the evolving landscape of Bitcoin ownership and investment.