The current bitcoin rally is creating large amounts of new wealth, with around 1,500 digital wallets reaching the million-dollar mark per day, according to Kaiko.
Around 1,500 new bitcoin «millionaire wallets» are being created per day, according to report by crypto analytics firm Kaiko Research. Wallets are digital addresses that store cryptocurrency with owners that cannot be determined due to the technology’s anonymous nature.
The surge in wealth coincides with a rally that has seen bitcoin’s price rise around 70 percent to over $72,000.
Whales: Slow Return
According to Kaiko, whales – defined as individuals or entities that hold large sums of cryptocurrency – are seeing a slow return in the current run. Based on wallet data compiled by the firm, the 1,500 daily millionaire wallets currently being created lag behind the 2021 rally that saw more than 4,000 wallets reaching the mark.
«This could be due to a few things,» Kaiko said. «(1) New capital has yet to arrive in full force. (2) Large whales are taking profit as BTC hits new highs. (3) Whales are storing their holdings with custodians, rather than personal wallets.»
