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HomeNewsRecord-breaking Bitcoin is minting over 1,500 'millionaire wallets' a day: What are...

Record-breaking Bitcoin is minting over 1,500 ‘millionaire wallets’ a day: What are they

Mar 12, 2024 03:11 PM IST

Bitcoin prices: Bitcoin is sustaining a record-breaking run amid unprecedented amounts of capital flowing into crypto products.

Bitcoin’s rally to all-time highs is aiding 1,500 wallets to push past the million-dollar mark each day, Kaiko Research reported as this month Bitcoin gained another 16% extending a run which kicked off in mid-January when regulators approved spot bitcoin ETFs to begin trading in the US. This year, the trend peaked at 1,691 wallets on March 1 although it is possible that multiple wallets belong to a single person or entity.

Bitcoin prices: Physical imitations of bitcoins are pictured at a cryptocurrency exchange branch.(AFP)
Bitcoin prices: Physical imitations of bitcoins are pictured at a cryptocurrency exchange branch.(AFP)

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Inflow of new capital has not yet come in with full force and long-term bitcoin holders are selling as the token rises, the report claimed as it is likely that more investors are storing crypto outside of digital wallets.

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“This time around, whales could be taking a more cautious approach, waiting to see if the gains have legs before investing,” the report claimed.

Bitcoin’s record-breaking streak

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Bitcoin is sustaining a record-breaking run amid unprecedented amounts of capital flowing into crypto products. Looming reduction in the digital token’s supply growth could also be the reason for the all-time peak in which the original cryptocurrency reached almost $72,881 on Monday and was trading at $72,220 on Tuesday. As per a report from CoinShares international Ltd. a record $2.7 billion flowed into crypto assets last week. Most of this is going to Bitcoin as both the token and other largest 100 coins are up roughly 70% this year.

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Ophelia Snyder, 21Shares’ co-founder and president said, “We are seeing institutional adoption in the US. It’s quite early still. Not all of the institutions, not all of the wire houses, have access to it.”

Meanwhile, Tony Sycamore, a market analyst at IG Australia Pty, said that Bitcoin “is expected to be well-supported on dips by those looking to position for a push toward $80,000 in the months ahead.”

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