This Bitcoin Bull Run Is Creating Millionaires at a Slower Rate

Oxido Solutions provides crypto trading bot solutions not just to institutional clients but also to wealthy individuals. Some of our customers were already crypto millionaires before they started using our services. A few made their fortunes by investing wisely during the 2017 ICO craze, while others had invested in Bitcoin when it was still under $1,000.

Thinking about becoming a crypto millionaire? It’s still possible, but data from the crypto analytics firm Kaiko suggests that fewer millionaires are emerging now. Currently, fewer than 2,000 new millionaires, or wallets holding at least $1 million in bitcoin, are appearing each day. This is a significant drop from the 2020-21 bull run, which saw over 4,000 new millionaire wallets daily and more than 2,000 new wallets holding at least $10 million.

The slower growth rate could indicate that the bull run is in its early stages, with the biggest influx of capital yet to come. Oxido Solutions doesn’t focus on predicting price movements. What matters to us is market volatility because it allows our clients to earn passive income regardless of the market’s direction. However, there are market experts who think that Bitcoin prices might skyrocket to $150,000 or higher in the next few months. This optimism is fueled by ongoing investments in spot ETFs and the expected reduction in supply from the upcoming Bitcoin halving.

The reasons for this slower millionaire growth rate could be multifaceted: (1) New capital hasn’t fully entered the market yet. (2) Big players might be cashing out as Bitcoin reaches new highs. (3) Instead of personal wallets, whales might be opting for custodial services to hold their assets, as noted by Kaiko in their weekly newsletter.