Bitcoin has reached an all-time high (ATH), soaring to $72,200 amidst its recent rally, yet the emergence of new 'millionaire' wallets lags significantly behind previous records. Despite the remarkable price surge, the return of on-chain Bitcoin whales remains sluggish.
The number of new daily Bitcoin millionaire wallets has increased to approximately 1,500 following the recent rally, according to Kaiko Research. However, this figure pales in comparison to the staggering numbers witnessed during the last bull run. In fact, the current influx of new millionaires resembles the statistics from July 2022, when Bitcoin plummeted below $20,000.
Kaiko attributes the slow return of new daily Bitcoin millionaire wallets to cautious investor behavior. The influx of capital witnessed in 2021 during the crypto hype seems to be missing this time around. Whales may be adopting a more prudent approach, awaiting confirmation of sustainable gains before committing significant investments.
The introduction of spot Bitcoin exchange-traded funds (ETFs) could also be influencing the dynamics. Nine new spot Bitcoin ETFs in the United States have amassed over $28 billion worth of Bitcoin since their launch in January. Custodians like Coinbase and BitGo play crucial roles in managing these ETFs, potentially diverting whales from personal wallets to custodial services.
Investors in spot Bitcoin ETFs hold shares in the ETFs rather than owning Bitcoin directly. Consequently, their indirect Bitcoin holdings do not reflect in the whale wallet data, skewing the analysis of Bitcoin ownership dynamics.
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