Bitcoin prices continued to hit new all-time highs this week, reaching over $73,000 on March 13th. According to data from Kaiko Research, about 1,500 “billionaires” are created every day due to their strong performance.
Bitcoin price surpasses $73,000, setting new all-time high
Bitcoin (BTC) price has risen 3.5% from its opening price of $71,473 on March 13 to a new high of $73,709 on Coinbase, according to data from Cointelegraph Markets Pro and TradingView.
This performance comes as institutional investors continue to flood into the Bitcoin market, supported by the recently approved Spot Bitcoin Exchange Traded Fund (ETF).
Independent investor HODL15Capital has warned that inflows into spot Bitcoin ETFs are increasing. In a March 13 post on social network He shared a graph showing this and urged investors not to sell their Bitcoin to ETFs.
With these inflows, Bitcoin Spot ETFs now account for nearly 90% of the daily trading volume market share of ETFs offering exposure to BTC, according to data tracked by The Block.
These numbers indicate that investors are increasingly preferring direct exposure to BTC through ETFs over Bitcoin futures contract-based products.
1,500 new “Bitcoin millionaires” created every day
According to a report by Kaiko Research, the latest rally in BTC, backed by the US Spot Bitcoin ETF, is creating approximately 1,500 millionaire wallets every day. This highlights the growing accumulation of wealth in the crypto sector.
According to the graph above, the total number of wallets containing $1 million and $10 million worth of BTC created each day is less than 2,000.
This is significantly lower than the numbers produced during the 2021 bull market, when “more than 4,000 wallets were reaching $1 million and more than 2,000 wallets were reaching $10 million each day,” the report noted. ing.
Kaigo researchers attribute the slowing pace of billionaire growth to a lack of new capital, profit-taking by whales as “BTC hits new all-time highs,” and whales' “instead of personal wallets.” We believe that this is due to the fact that the assets held by the administrator are kept in the custody of the administrator. The report explains:
“2021 saw huge inflows of capital as bulls of all kinds tried to profit from the crypto hype. This time, whales have taken a more cautious approach, asking if they can afford the gains. I might wait and see what happens before I invest.”
Kaiko's research also reveals that the total number of Bitcoin addresses holding significant wealth is steadily increasing, increasing the adoption and acceptance of Bitcoin as a store of value and investment asset. This was emphasized.
Analysts have various goals for BTC price in 2024
Bitcoin's continued upward trend reflects investors' positive attitude, with analysts predicting further increases in the future.
According to Standard Chartered, BTC price could exceed $100,000 by the end of 2024.
Hedge fund Skybridge expects the price to hit $170,000 by April 2025, while Fundstrat expects BTC to be in the $116,000 to $137,000 range by the end of the year. Investment management firm VanEck has kept its medium-term target at $350,000.
Independent analyst Ted Talks Macro says the Bitcoin market is seeing an influx of money “like never before” and says the pioneering cryptocurrency is on the verge of reaching $100,000. Ta.
As Bitcoin continues to rise, market participants expect the upcoming supply halving, scheduled for April 2024, to push up the price.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.
