2024

Bitcoin

April

Hedge

Bitcoin’s&nbsp;price continues to set a series of new all-time highs this week, surpassing $73,000 on March 13. Its strong performance is producing approximately 1,500 “millionaires” daily, according to data from Kaiko Research.&nbsp;
<h2 id="bitcoin-price-hits-a-new-all-time-high-above-73-000">Bitcoin price hits a new all-time high above $73,000</h2>
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*qedhic*_ga*MTAxMzE3MDgyMS4xNzA2Nzk5MzMw*_ga_53R24TEEB1*MTcxMDM0NjU0NC4xNTkuMS4xNzEwMzQ2NjU0LjAuMC4w">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> shows that Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;price rose from an opening at $71,473 on March 13, climbing 3.5% to <a href="https://cointelegraph.com/news/bitcoin-price-new-73-6-k-all-time-high-etfs-eat">set a new all-time high at $73,709</a> on Coinbase.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-03/9c07301b-3e75-4755-9a44-ffb15188cd22.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD daily chart. Source: TradingView
 </figcaption>
</figure>
This performance comes as institutional capital continues to flood the BTC market fueled by the <a href="https://cointelegraph.com/news/sec-spot-bitcoin-etf-approvals">recently approved</a> spot Bitcoin exchange-traded funds (ETFs). 
Independent investor HODL15Capital flagged the increasing inflows into spot Bitcoin ETFs. In a March 13 post on the X social network, the investor shared a chart showing that the daily inflows into spot Bitcoin ETFs hit a <a href="https://cointelegraph.com/news/bitcoin-etfs-record-1-b-daily-inflow">record $1 billion of net inflows</a> on March 12, urging investors not to sell their BTC to ETFs. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/7b8d6584-f570-4e04-9e50-7fcae8323077.png" alt="" title="">
 <figcaption style="text-align: center;">
 Inflows into spot Bitcoin ETFs. Source: <a href="https://x.com/HODL15Capital/status/1767856683538133376?s=20" target="_blank" rel="noopener nofollow">@Hodl15Capital</a>
 </figcaption>
</figure>
With these inflows, the spot Bitcoin ETFs now account for nearly 90% of the daily trading volume market share for ETFs offering exposure to BTC, according to data tracked by The Block.
These figures show investors’ increasing preference for direct exposure to BTC through ETFs vis-a-vis Bitcoin futures contracts-based products.
<h2 id="1-500-new-bitcoin-millionaires-are-created-daily">1,500 new “Bitcoin millionaires” are created daily </h2>
According to a report by Kaiko Research, BTC’s latest rally, backed by<a href="https://cointelegraph.com/news/bitcoin-etfs-btc-spot-trading"> U.S. spot Bitcoin ETFs,</a> is <a href="https://research.kaiko.com/insights/bitcoin-cant-stop-climbing" target="_blank" rel="noopener nofollow">creating</a> about 1,500 millionaire wallets on a daily basis. This highlights the growing wealth accumulation in the cryptocurrency sector. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/61583d31-ef15-4d6a-be4f-54e3866bee2f.png" alt="" title="">
 <figcaption style="text-align: center;">
 Daily count of Bitcoin addresses reaching $1M and $10M in BTC. Source: Kaiko Research
 </figcaption>
</figure>
According to the chart above, the total number of wallets with $1 million and $10 million worth of BTC created on a daily basis is less than 2,000.
This is a significantly lower number than those created during the 2021 bull run, when “more than four thousand wallets were reaching the million-dollar mark daily, and more than two thousand wallets were reaching $10M,” noted the report.
Kaiko researchers attribute the slower pace of millionaire growth to a lack of new capital, profit-booking by whales as “BTC hits new all-time highs,” and whales storing their “holdings with custodians, rather than personal wallets.” The report explained:
<blockquote data-ct-non-breakable="true">
 “In 2021, there was a huge influx in capital as all manner of bulls sought to benefit from the crypto hype. This time around, whales could be taking a more cautious approach, waiting to see if the gains have legs before investing.”
</blockquote>
The Kaiko research also revealed steady growth in the overall number of Bitcoin addresses holding significant wealth, underscoring increasing adoption and acceptance of Bitcoin as a store of value and investment asset.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/bee76860-296e-467c-9a32-8a049384ddd0.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC aggregated 2% market depth. Source: Kaiko Research
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="analysts-have-varying-targets-for-btc-price-in-2024">Analysts have varying targets for BTC price in 2024 </h2>
Bitcoin’s continued uptrend echoes investors’ positivity, with analysts predicting further gains moving forward. 
According to Standard Chartered, BTC price might surpass $100,000 by the end of 2024. 
Hedge fund SkyBridge predicts a price of $170,000 by April 2025, while Fundstrat projects BTC to range between $116,000 and $137,000 by the end of the year. Investment management firm VanEck maintains its medium-term target at $350,000.
Independent analyst Ted Talks Macro noted that funds were flowing into the Bitcoin market “like never before,” saying that the pioneer cryptocurrency was on its way to $100,000. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/616f8248-3edd-430d-bc80-dc66821027a7.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin fund inflows. Source: <a href="https://twitter.com/tedtalksmacro/status/1767783948082684217" target="_blank" rel="noopener nofollow">@tedtalksmacro</a>
 </figcaption>
</figure>
As Bitcoin continues to rally, market participants expect the upcoming supply halving slated for April 2024 to propel the price higher. 
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin’s ‘up only’ rally creating around 1.5K crypto millionaires daily — Data

Table of Contents

Cointelegraph

Other articles published on Mar 13, 2024

Industry veterans share praise, skepticism, as Ethereum Dencun upgrade goes live

Tectum Shatters Records, Claims Title of Fastest Layer 1 Blockchain at TPS, Outshines Bitcoin and...

BNB Chain Introduces Rewarding Airdrop Alliance for Community Engagement

Bitcoin mixer trial highlights flaws in Chainalysis tools

Arbitrum Launches Gaming Catalyst Program to Bolster Web3 Game Development

Shiba Inu Advocates Push for Key Wallet Integration

Join our free newsletter for daily crypto updates!