Bitcoin has been on a price hike this year, especially with the 2024 bull run driving the market upwards. This surge in Bitcoin’s value has resulted in a significant number of new Bitcoin millionaire wallets emerging every day.
Nearly 2,000 Bitcoin Millionaire Wallets Formed Daily
Research data from Kaiko reveals that close to 2,000 Bitcoin millionaire wallets are generated daily. This figure is lower than during the 2021 bull run when over 4,000 wallets attained millionaire status each day. Furthermore, during the last bull run, more than 2,000 wallets reached $10 million daily.
Kaiko suggests that the current market cycle’s slowdown may be due to new capital not fully entering the market yet. Additionally, whales from the prior cycle might still be taking profits as Bitcoin hits new peaks. The research also indicates that whales are choosing to store their holdings with custodians rather than personal wallets, possibly contributing to the decrease in Bitcoin millionaire wallets.
However, these Bitcoin millionaire wallets are projected to increase as the bull run advances. Analysts like Rekt Capital anticipate the market peak around September or October next year. Factors such as the anticipated approval of Spot Ethereum ETFs are likely to fuel further rallies in Bitcoin and other altcoins.
With more crypto tokens expected to get ETF approvals in this cycle, especially following the endorsement of Ethereum ETFs, a surge in capital inflow into the crypto space is expected. The forthcoming US election, with Donald Trump expressing support for crypto, is also seen as a positive factor in this bull market.
Influx of Crypto Millionaires Due to Meme Coins
The surge in meme coin adoption in this market cycle is poised to create more crypto millionaires than in previous cycles. This trend has led to an increase in the creation and trading of meme coins, resulting in substantial profits for crypto investors.
Noteworthy cases include a Solana meme coin trader who turned an initial $1,800 investment in the Dogwifhat (WIF) meme coin into almost $11 million. Another group of Solana meme coin traders reportedly made $8 million in 24 hours with a $6,400 investment.
Recently, Bubblemaps reported a trader who raked in a $2 million profit from trading the Mother Iggy (MOTHER) meme coin, a celebrity token launched by Australian rapper Iggy Azalea.
