Despite the recent surge in the price of Bitcoin, the increase in on-chain Bitcoin whales is still slower compared to the peak of the bull market in 2021.
According to data from cryptocurrency data provider Kaiko, the number of new Bitcoin millionaire wallets (addresses holding $1 million worth of Bitcoin) added daily is still less than 2,000. During the previous bull market peak, over 4,000 millionaire wallets and over 2,000 wallets holding $10 million worth of Bitcoin were created each day.
The slower increase in Bitcoin millionaire wallets could indicate that this bull market is still in its early stages and the influx of funds has not reached its peak. It could also suggest that investors are taking profits during the high price period. Kaiko stated in the report:
