- Bitcoin price hits new all-time high above $73,000 as institutional capital floods into spot Bitcoin ETFs
- Approximately 1,500 new crypto millionaires are being created daily according to data from Kaiko Research, highlighting growing wealth accumulation
- Analysts remain bullish on Bitcoin’s trajectory with price predictions up to $170,000 by 2025, citing upcoming supply halving as potential catalyst
The price of Bitcoin continues setting new all-time highs this week, surpassing $73,000 on March 13. Bitcoin’s strong performance is producing approximately 1,500 new crypto millionaires daily, according to data from Kaiko Research.
Bitcoin Price Hits a New All-Time High Above $73,000
Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin (BTC) price rose from an opening at $71,473 on March 13, climbing 3.5% to set a new all-time high at $73,709 on Coinbase. This performance comes as institutional capital continues flooding the BTC market, fueled by the recently approved spot Bitcoin exchange-traded funds (ETFs).
Institutional Investors Fuel Bitcoin Rally
Independent investor HODL15Capital flagged the increasing inflows into spot Bitcoin ETFs. In a March 13 post on the X social network, the investor shared a chart showing that the daily inflows into spot Bitcoin ETFs hit a record $1 billion of net inflows on March 12. With these inflows, the spot Bitcoin ETFs now account for nearly 90% of the daily trading volume market share for ETFs offering exposure to BTC, according to data tracked by The Block.
1,500 New Crypto Millionaires Daily
According to a report by Kaiko Research, BTC’s latest rally backed by US spot Bitcoin ETFs is creating about 1,500 millionaire wallets on a daily basis. This highlights the growing wealth accumulation in the cryptocurrency sector.
According to the chart, the total number of wallets with $1 million and $10 million worth of BTC created on a daily basis is less than 2,000. This is a significantly lower number than those created during the 2021 bull run when more than four thousand wallets were reaching the million-dollar mark daily and more than two thousand wallets were reaching $10M, noted the report.
Kaiko researchers attribute the slower pace of millionaire growth to a lack of new capital, profit-booking by whales as BTC hits new all-time highs, and whales storing their holdings with custodians rather than personal wallets.
Analysts Predict Further Gains for Bitcoin
Bitcoin’s continued uptrend echoes investors’ positivity, with analysts predicting further gains moving forward. According to Standard Chartered, BTC price might surpass $100,000 by the end of 2024.
Hedge fund SkyBridge predicts a price of $170,000 by April 2025 while Fundstrat projects BTC to range between $116,000 and $137,000 by the end of the year. Investment management firm VanEck maintains its medium-term target at $350,000.
Independent analyst Ted Talks Macro noted that funds were flowing into the Bitcoin market like never before, saying that the pioneer cryptocurrency was on its way to $100,000.
As Bitcoin continues to rally, market participants expect the upcoming supply halving slated for April 2024 to propel the price higher.
Conclusion
Bitcoin’s record-setting price performance continues to produce new crypto millionaires daily. Institutional inflows into Bitcoin ETFs are fueling the gains, and analysts remain bullish on Bitcoin’s trajectory. The next supply halving could provide further momentum. As adoption increases, Bitcoin is cementing its status as a long-term store of value.
