- The significant daily increase in Bitcoin millionaires underscores the cryptocurrency’s growing impact and the shift towards direct investment methods.
- Steady growth in the number of Bitcoin addresses with substantial holdings highlights increasing global adoption and confidence in Bitcoin as a long-term investment.
Bitcoin’s recent ascent beyond $73,000 has led to the remarkable daily creation of 1,500 new millionaires. This growth is significantly fueled by the influx of institutional investments and a marked preference for spot Bitcoin exchange-traded funds (ETFs), which have seen daily inflows hitting $1 billion. This trend, favoring direct Bitcoin exposure over futures-based alternatives, underscores a major shift in investment strategies within the cryptocurrency domain.
As detailed in a CNF YouTube video, the rise in spot Bitcoin ETF investments indicates a broader acceptance of Bitcoin as a viable and direct investment vehicle.
Despite the overall wealth creation pace being more measured compared to the 2021 bull run, the adoption and acceptance of Bitcoin continue to expand.
Highlighting the robust demand for Bitcoin, a recent tweet revealed that U.S. Bitcoin ETFs saw a massive demand with a $684 million net inflow on March 13, translating to about 9,600 BTC. This figure dramatically exceeds the daily new supply, emphasizing the cryptocurrency’s bullish momentum.
🚨 U.S. Bitcoin ETFs continue to see MASSIVE demand 🚨
On 3/13, another $684 million net inflow = approx 9,600 BTC (or more than 10x daily new supply!!) 👇 Go $BTC 🚀 pic.twitter.com/f1zbdPZSek
— HODL15Capital 🇺🇸 (@HODL15Capital) March 14, 2024
In line with a recent CNF report on Bitcoin’s rally validating a $150K prediction, Bernstein remains confident in Bitcoin’s growth trajectory. The Kaiko research further supports this optimism by revealing a steady increase in the number of Bitcoin addresses holding significant wealth, emphasizing the cryptocurrency’s burgeoning adoption and its role as a key store of value and investment asset.
🚀 #BTC’s Kimchi premium rose to a yearly high of nearly 7% last week, just as Bitcoin hit an all time high . pic.twitter.com/07lTTB39Ba
— Kaiko (@KaikoData) March 13, 2024
Although the rate of new millionaire creation may have moderated, the strategic behaviors of large-scale investors—preferring custodial solutions over personal wallets—indicate a matured approach to cryptocurrency investment. This cautious optimism is echoed in the projection of Bitcoin’s price potentially reaching or exceeding $150,000, driven by both technological advancements and market dynamics, including the anticipated supply halving in April 2024.
Today, Bitcoin’s value continues to rise, showcasing an 11.60% increase over the past week to a price of $73,507. This uptrend reflects the ongoing momentum and belief in Bitcoin’s potential for even greater heights in the near future.
