Bitcoin’s Rally Generates 1,500 New Millionaire Wallets Daily
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| Illustration: havokjournal.com |
Bitcoin Millionaire Wallets Yet to Reach 2021 Highs
Bitcoin’s current rally generates around 1,500 new “millionaire wallets” daily, according to Kaiko Research. These millionaire wallets are digital addresses on the Bitcoin blockchain that store large amounts of cryptocurrency. While the blockchain allows for public viewing of token quantities, the identities of the owners remain concealed. This anonymity makes it unclear whether individuals or entities control these wallets.
Factors Contributing to Slower Growth
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| Illustration: coinmarketcap.com |
The rise of Bitcoin this year, with over a 70% increase, is driven by the excitement over US-based spot Bitcoin exchange-traded funds (ETFs). However, the pace of creation of millionaire wallets is slower compared to the bull market in 2021. During that time, over 4,000 wallets were reaching millionaire status daily. The peak in millionaire wallets this year was on March 1, with 1,691 wallets. Several factors contribute to this tempered growth, including the gradual inflow of fresh capital and large investors taking advantage of high prices to profit. Additionally, many investors opt for custodial services over personal wallets for their holdings.
Mainstream Attention and Increased Investment
Cryptocurrency is capturing mainstream attention, potentially leading to increased investment. Canadian superstar Drake recently shared a clip from Bitcoin bull Michael Saylor with his 146 million followers on his Instagram story. Such endorsements could draw new investors into the crypto market.
MicroStrategy's Bitcoin Holdings and Decreased Reserves on Exchanges
MicroStrategy, a business intelligence firm, added 12,000 BTC to its holdings, worth $821.7 million. This brings the firm's total Bitcoin holdings to 205,000 BTC, valued at over $14.84 billion. Additionally, there have been reports of decreased Bitcoin reserves on central exchanges. Binance's balance is down to 546,589.20 BTC, while Coinbase Pro has 358,787.15 BTC left.
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