Bitcoin’s price continues to set a series of new all-time highs this week, surpassing $73,000 on March 13. Its strong performance is producing approximately 1,500 “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.
BTC/USD daily chart. Source: TradingView
This performance comes as institutional capital continues to flood the BTC market fueled by the recently approved spot Bitcoin exchange-traded funds (ETFs).
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, urging investors not to sell their BTC to ETFs.
Inflows into spot Bitcoin ETFs. Source: @Hodl15Capital
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.
These figures show investors’ increasing preference for direct exposure to BTC through ETFs vis-a-vis Bitcoin futures contracts-based products.
1,500 new “Bitcoin millionaires” are created daily
According to a report by Kaiko Research, BTC’s latest rally, backed by U.S. spot Bitcoin ETFs, is creating about 1,500 millionaire wallets on a daily basis. This highlights the growing wealth accumulation in the cryptocurrency sector.
Daily count of Bitcoin addresses reaching $1M and $10M in BTC. Source: Kaiko Research
According to the chart above, 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.
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