This Bitcoin Bull Run Is Breeding Millionaire Whales at Slower Pace, Data Show

Currently, less than 2,000 millionaires, or wallets with $1 million worth of bitcoin, are created daily. That's significantly lower than the 2020-21 bull run.

AccessTimeIconMar 12, 2024 at 5:29 a.m. UTC
Updated Mar 12, 2024 at 5:46 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now
  • Wallet data tracked by Kaiko show slower growth in the on-chain bitcoin whales or millionaires.
  • The slower growth rate indicates several things, including profit-taking by investors.

The ongoing bitcoin (BTC) bull run is characterized by Wall Street’s embrace of the long-awaited spot exchange-traded funds (ETFs). Still, the rally is producing “millionaires," however, at a slower rate than the 2020-2021 uptrend.

The leading cryptocurrency by market value has risen 70% this year, setting new record highs above $72,000. The rally follows the past year’s 155% surge from the depths of a brutal bear market.

According to data tracked by Paris-based Kaiko, less than 2,000 millionaires, or wallets with $1 million worth of bitcoin, are created daily. That’s significantly lower than the last bull run, which bred over 4,000 millionaire wallets per day and over 2,000 wallets with a $10 million balance per day.

The slower pace might mean the bull run is still in the early stages, and the pace of inflows is yet to peak. The conclusion is consistent with market consensus that prices could rise to $150,000 and higher in the coming months due to continued inflows into the spot ETFs and the impending halving-induced supply reduction.

“This [slower growth rate of millionaires] could be due to a few things: (1) New capital has yet to arrive in full force. (2) Large whales are taking profit as BTC hits new highs. (3) Whales are storing their holdings with custodians, rather than personal wallets,” Kaiko said in the weekly newsletter.

Recently, the gap between the liquidity on the ask and bid sides of the order book within 2% of the market price has widened to nearly five times as usual, hinting at a buildup of limit orders on the sell side – a sign of investors looking to take profit near record highs.

Bitcoin wallets reaching $1M daily. (Kaiko)
Bitcoin wallets reaching $1M daily. (Kaiko) (Kaiko)

Edited by Parikshit Mishra.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.