2024

Bitcoin

CRYPTO

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 The Bitcoin rally is boosting more than 1,500 BTC wallets past the million dollar mark on a daily basis, Kaiko Research says
 But that is still a substantially lower number than the more than 4,000 wallets that were reaching millionaire status daily during the previous bull run in 2021, and two thousand hitting $10 million, Kaiko said in a March 11 report.&nbsp;
 There are a number of potential reasons why whales are slow to return to the market this time, including a lack of new capital entering the crypto space ”in full force,” and large ”whales” either taking profit with BTC at new all-time highs or storing their holdings with custodians, rather than personal wallets, it said.
 “In 2021, there was a huge influx in capital as all manner of bull sought to benefit from the crypto hype,” it said. ”This time around, whales could be taking a more cautious approach, waiting to see if the gains have legs before investing.”
 So far, this year’s record for the number of BTC millionaire wallets created in a day stands at 1,691 on Mar. 1.&nbsp;
 <img decoding="async" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%200%200'%3E%3C/svg%3E" alt="The crypto industry's leading data-driven research. - Kaiko - Research" data-lazy-src="https://cdn.thebittimes.com/images/2024/03/12/196503b58ab502d1f931fde459b7261f.webp">
 <noscript><img decoding="async" src="https://cdn.thebittimes.com/images/2024/03/12/196503b58ab502d1f931fde459b7261f.webp" alt="The crypto industry's leading data-driven research. - Kaiko - Research">
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 <h2 id="span-style-font-weight-400-bitcoin-demand-strong-despite-higher-sell-orders-span">Bitcoin Demand Strong Despite Higher Sell Orders</h2>
 The Bitcoin price has been on a strong upward trajectory ever since spot Bitcoin ETFs (exchange-traded funds) launched in the US on Jan. 11, and has surged&nbsp;50% in the last month, according to CoinMarketCap data.
 Following BTC’s positive movement over the last week, which also saw the leading crypto break $72k for the first time for a new all-time high, there has been a large amount of liquidations in the derivative markets, the report said.&nbsp;
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Amid last week's volatility, derivative markets saw a significant amount of liquidations.#BTC open interest rose by nearly $2bn on March 4, hitting a multi-year high of $15bn before crashing the next day. pic.twitter.com/ssuXPbmVkp
 — Kaiko (@KaikoData) March 11, 2024
 </blockquote>
 
 Open interest for Bitcoin perpetual contracts also rose by almost $2 billion on Mar. 4 to hit a multi-year high of $15 billion. However, it declined back to $1.4 billion the day after.&nbsp;
 Following the liquidations, bullish demand for BTC still seems to be strong, as funding rates remain high even after a slight drop, said the report.&nbsp;
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 🚀 #BTC market depth, measuring the quantity of bids and asks on BTC order books, has been on a steady upwards trend over the past few months, hitting more than $600mn last week. pic.twitter.com/Sq2UTITGk9
 — Kaiko (@KaikoData) March 11, 2024
 </blockquote>
 
 However, this demand is clouded by a strong “mismatch” between bid and ask depth. Currently, the number of sell orders “far surpasses” the number of buy orders, added the firm.
 <h3 id="span-style-font-weight-400-related-articles-span">Related Articles:</h3>
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 Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-bull-run-creating-over-1-500-millionaire-wallets-daily-kaiko-research-says-tbt82359.html">https://thebittimes.com/bitcoin-bull-run-creating-over-1-500-millionaire-wallets-daily-kaiko-research-says-tbt82359.html</a>
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Bitcoin Bull Run Creating Over 1,500 Millionaire Wallets Daily, Kaiko Research Says

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