Slower Growth in On-Chain Bitcoin Millionaires Ind

According to CoinDesk, wallet data tracked by Kaiko reveals a slower growth rate in on-chain bitcoin millionaires. This slower growth could indicate profit-taking by investors, among other factors. The ongoing bitcoin (BTC) bull run has seen the leading cryptocurrency's market value rise by 70% this year, reaching new record highs above $72,000. However, the rate of new millionaires being created is slower than during the 2020-2021 uptrend.

Paris-based Kaiko's data shows that less than 2,000 millionaires, or wallets with $1 million worth of bitcoin, are created daily. This is significantly lower than the last bull run, which produced over 4,000 millionaire wallets per day and over 2,000 wallets with a $10 million balance per day. The slower pace could suggest that the bull run is still in its early stages and that the pace of inflows has yet to peak.

The conclusion aligns with market consensus that prices could rise to $150,000 and higher in the coming months due to continued inflows into spot ETFs and the impending halving-induced supply reduction. Kaiko's weekly newsletter suggests that the slower growth rate of millionaires could be due to a few factors: new capital has yet to arrive in full force, large whales are taking profit as BTC hits new highs, and whales are storing their holdings with custodians rather than personal wallets.

Recently, the gap between the liquidity on the ask and bid sides of the order book within 2% of the market price has widened to nearly five times the usual amount, indicating a buildup of limit orders on the sell side – a sign of investors looking to take profit near record highs.

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