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Bitcoin Bull Run Creating Over 1,500 Millionaire Wallets Daily, Kaiko Research Says

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The Bitcoin rally is boosting more than 1,500 BTC wallets past the million dollar mark on a daily basis, Kaiko Research says

But that is still a substantially lower number than the more than 4,000 wallets that were reaching millionaire status daily during the previous bull run in 2021, and two thousand hitting $10 million, Kaiko said in a March 11 report

There are a number of potential reasons why whales are slow to return to the market this time, including a lack of new capital entering the crypto space ”in full force,” and large ”whales” either taking profit with BTC at new all-time highs or storing their holdings with custodians, rather than personal wallets, it said.

“In 2021, there was a huge influx in capital as all manner of bull sought to benefit from the crypto hype,” it said. ”This time around, whales could be taking a more cautious approach, waiting to see if the gains have legs before investing.”

So far, this year’s record for the number of BTC millionaire wallets created in a day stands at 1,691 on Mar. 1. 

The crypto industry's leading data-driven research. - Kaiko - Research

Bitcoin Demand Strong Despite Higher Sell Orders

The Bitcoin price has been on a strong upward trajectory ever since spot Bitcoin ETFs (exchange-traded funds) launched in the US on Jan. 11, and has surged 50% in the last month, according to CoinMarketCap data.

Following BTC’s positive movement over the last week, which also saw the leading crypto break $72k for the first time for a new all-time high, there has been a large amount of liquidations in the derivative markets, the report said. 

Open interest for Bitcoin perpetual contracts also rose by almost $2 billion on Mar. 4 to hit a multi-year high of $15 billion. However, it declined back to $1.4 billion the day after. 

Following the liquidations, bullish demand for BTC still seems to be strong, as funding rates remain high even after a slight drop, said the report. 

However, this demand is clouded by a strong “mismatch” between bid and ask depth. Currently, the number of sell orders “far surpasses” the number of buy orders, added the firm.

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