According to a report by CoinDesk, despite the recent surge in Bitcoin prices, the increase in on-chain Bitcoin whales is still slower compared to the peak of the bull market in 2021.
Data tracked by cryptocurrency data provider Kaiko shows that the number of newly added Bitcoin millionaire wallets (addresses holding $1 million worth of Bitcoin) is still less than 2,000 per day. During the previous bull market peak, there were over 4,000 millionaire wallets created daily, as well as over 2,000 wallets holding $10 million worth of Bitcoin.
The slower increase in Bitcoin millionaire wallets may indicate that this bull market is still in its early stages, and the rate of capital inflow has not reached its peak. It could also suggest that investors are taking profits during the high price period. Kaiko stated in the report:
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