This Bitcoin Bull Run Is Breeding Millionaire Whales at Slower Pace, Data Show
The current bitcoin bull run, marked by Wall Street's adoption of spot exchange-traded funds (ETFs), is creating fewer millionaires than the 2020-2021 uptrend. Bitcoin has increased 70% this year, reaching record highs over $72,000, following last year's 155% rise from a severe bear market. Data from Paris-based Kaiko shows less than 2,000 millionaires, or wallets with $1 million in bitcoin, are created daily, significantly less than the previous bull run's over 4,000 millionaire wallets per day. This slower pace could indicate the bull run is in its early stages and inflows have yet to peak. The market consensus suggests prices could reach $150,000 and higher due to continued inflows into spot ETFs and an upcoming halving-induced supply reduction. The slower growth rate of millionaires could be due to new capital not fully arriving, large investors taking profit at new highs, or investors storing their holdings with custodians instead of personal wallets.
