Nearly 2,000 Bitcoin millionaire wallets were created every day during this cycle

Bitcoin has seen notable price gains since the start of the year, as 2024 ushers in a bull run for this market cycle, which has resulted in an impressive number of Bitcoin millionaire wallets being created on a daily basis.

Nearly 2,000 Bitcoin millionaire wallets were created every day during this cycle Picture 1 Nearly 2,000 Bitcoin millionaire wallets were created every day during this cycle Picture 1

Nearly 2,000 Bitcoin millionaire wallets are created every day

According to data from research firm Kaiko, nearly 2,000 Bitcoin millionaire wallets are created every day, although still much lower than the 2021 Bull run when more than 4,000 wallets reached the million dollar mark each day. The research firm also claims more than 2,000 wallets reached $10 million per day during the recent bull run.

Kaiko notes that the slowdown in this market cycle may be because new capital has not yet been fully brought into the market. Large whales from the previous market cycle are also likely to take profits as Bitcoin reaches new highs.

Additionally, Kaiko claims that whales are storing assets through custodians instead of personal wallets, which could be another reason why the number of Bitcoin millionaire wallets is decreasing.

However, the number of Bitcoin millionaire wallets is expected to continue to increase as this bull market continues. Analysts have predicted that the bull market will peak around September or October next year. Factors such as the approval of a spot Ethereum ETF are expected to trigger more price increases for Bitcoin and altcoins.

Furthermore, more tokens are expected to have ETFs this cycle, especially with the approval of the Ethereum ETF, meaning more capital will flow into the crypto space. Meanwhile, the US election is also expected to have a positive impact on this bull market as Donald Trump has affirmed his pro-cryptocurrency stance.

More crypto millionaires are expected to be created in this bull run than in previous bull runs, thanks to rising memecoin adoption levels during this market cycle.

Source: Kaiko

Earlier this year, memecoin trader Solana earned nearly $11 million by investing $1,800 in Dogwifhat (WIF). Another group of Solana memecoin traders reportedly made $8 million in 24 hours with an initial investment of $6,400.

More recently, onchain data tracker Bubblemaps revealed a trader made $2 million trading the memecoin Mother Iggy (MOTHER), a token created by Australian rapper Iggy Azalea.

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