Slower Growth in On-Chain Bitcoin Whales Indicates Profit-Taking by Investors

Data from Kaiko's wallet tracking indicates a slower growth rate in on-chain bitcoin millionaires, possibly due to profit-taking by investors. Despite the ongoing bitcoin bull run, the creation of new millionaires is occurring at a slower rate than during the previous uptrend. However, the slower pace may suggest that the bull run is still in its early stages and that the pace of inflows has yet to peak. Market consensus predicts that prices could continue to rise due to continued inflows into spot ETFs and the impending halving-induced supply reduction.