Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-millionaires-growth-slows-during-bull-run/" data-wpel-link="internal">Bitcoin Millionaires’ Growth Slows During Bull Run</a> 
In the midst of the ongoing <a href="https://coin-turk.com/bu-hafta-takip-edilmesi-gereken-5-kripto-para-btc-algo-xmr-xtz-ve-theta" data-wpel-link="internal">Bitcoin</a> (<a href="https://coin-turk.com/piyasaya-guncel-bakis-bitcoin-btc-yonunu-yeniden-yukari-cevirdi-2" data-wpel-link="internal">BTC</a>) bull run, data from wallet addresses tracked by Kaiko reveals a notable slowdown in the growth of <a href="https://en.coin-turk.com/glassnodes-co-founder-makes-surprising-bitcoin-prediction-that-could-shake-the-markets/" data-wpel-link="internal">Bitcoin</a> whales or millionaires. Kaiko points out that this slowdown in the creation of millionaire-level wallets is due to various factors, including investors taking profits in the face of the largest cryptocurrency’s rising price. 
<h2 style="text-align: justify" id="strong-2020-2021-growth-rate-surpassed-strong">2020-2021 Growth Rate Surpassed</h2> 
While the current bull run began with Wall Street‘s long-awaited embrace of spot exchange-traded funds (ETFs), the rate of new Bitcoin millionaires emerging seems to lag behind the speed seen during the 2020-2021 uptrend. Despite <a href="https://en.coin-turk.com/morgan-creek-ceo-bitcoin-could-increase-by-410-here-are-the-catalysts/" data-wpel-link="internal">BTC</a>‘s impressive 70% rise this year, pushing the price up to $73,000 and reaching new record levels, the growth rate of millionaire wallets remains lower compared to previous bull markets. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-326144" src="https://coin-turk.com/wp-content/uploads/2024/03/Bitcoin-Milyonerleri.png" alt="" width="1504" height="765"> 
Data compiled by Paris-based Kaiko shows that fewer than 2,000 millionaire wallets, each holding $1 million worth of BTC, are being created daily. This is a puzzling development compared to the last bull run, where over 4,000 millionaire wallets were created daily, with more than 2,000 wallets having a balance of $10 million each. 
The stagnation in the growth rate of millionaire wallets suggests that the current bull run may still be in its early stages, with new capital yet to peak. However, market analysts consider that due to ongoing entries into spot ETFs and the anticipated supply reduction from the upcoming 4th block reward halving, Bitcoin’s price could rise to $150,000 and beyond in the coming months. 
<h2 style="text-align: justify" id="strong-reasons-for-the-slowdown-detailed-strong">Reasons for the Slowdown Detailed</h2> 
Kaiko adds that the slowdown in the growth rate of millionaire wallets could be due to several possible reasons, including delayed new capital inflow, large whales taking profits as BTC reaches new highs, and a shift towards storing assets with custodians rather than personal wallets. 
Furthermore, recent data shows a widening gap between the liquidity on the buy and sell sides of the order book near market price, with limit orders accumulating on the sell side. This suggests that investors are leaning towards taking profits at the current record levels. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-millionaires-growth-slows-during-bull-run/" data-wpel-link="internal">Bitcoin Millionaires’ Growth Slows During Bull Run</a></h5>

Bitcoin Millionaires’ Growth Slows During Bull Run

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