Key Points
- Bitcoin’s price hits a new all-time high of over $73,000, creating approximately 1,500 “millionaires” daily.
- Spot Bitcoin ETFs are seeing record inflows, accounting for almost 90% of the daily trading volume for ETFs offering exposure to Bitcoin.
Bitcoin (BTC) continues to break records, with its price surpassing $73,000 on March 13. This strong performance is generating an estimated 1,500 millionaires each day, based on data from Kaiko Research.
Bitcoin Price Peaks Above $73,000
The BTC price rose from an initial $71,473 on March 13, climbing 3.5% to establish a new all-time high of $73,709 on Coinbase. This impressive performance is a result of increasing institutional capital flowing into the Bitcoin market, driven by the recent approval of spot Bitcoin exchange-traded funds (ETFs).
Independent investor HODL15Capital highlighted the growing inflows into spot Bitcoin ETFs. On March 13, the investor shared a graph on the X social network showing that daily inflows into spot Bitcoin ETFs reached a record $1 billion on March 12.
Spot Bitcoin ETFs Dominate the Market
These inflows mean that spot Bitcoin ETFs now make up nearly 90% of the daily trading volume for ETFs that provide exposure to Bitcoin. This indicates that investors increasingly prefer direct exposure to Bitcoin through ETFs over futures contracts-based products.
Kaiko Research reports that the latest Bitcoin rally, supported by U.S. spot Bitcoin ETFs, is creating about 1,500 millionaire wallets each day. This underscores the growing wealth accumulation in the cryptocurrency sector. However, the number of wallets with $1 million and $10 million worth of Bitcoin created daily is less than 2,000, significantly lower than the numbers seen during the 2021 bull run.
Kaiko researchers suggest that the slower pace of millionaire growth could be due to a lack of new capital, profit booking by whales as Bitcoin hits new highs, and whales preferring to store their holdings with custodians rather than in personal wallets.
Bitcoin Price Predictions for 2024
As Bitcoin continues to trend upward, analysts predict further gains. Standard Chartered projects that Bitcoin’s price might exceed $100,000 by the end of 2024. Hedge fund SkyBridge predicts a price of $170,000 by April 2025, while Fundstrat expects Bitcoin 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 entering the Bitcoin market “like never before,” suggesting that the pioneer cryptocurrency is on its way to $100,000.
As Bitcoin’s rally continues, market participants anticipate the upcoming supply halving scheduled for April 2024 to drive the price even higher.
