Nearly 40.000 New Bitcoin Millionaires in One Month: Crypto Hype Continues to Rise

Bitcoin (BTC) is booming and approaching its all-time high. With a price of $103.800, the popular digital currency has seen an impressive rise, resulting in an unprecedented increase in the number of BTC millionaires.

Rise in the number of BTC millionaires

Recent research from BitInfoCharts reveals that the number of Bitcoin addresses worth at least $1 million has increased from 137.157 on April 9 to 176.525 on May 9. This represents a staggering increase of a whopping 39.368 new millionaires in just one month.

This rise suggests that there are still significant gains to be made in the crypto market. Despite the inherent volatility of this market, savvy investors who capitalize on price movements can build significant wealth in a short period of time.

A deeper dive into the numbers shows that the majority of these millionaires own between $1 million and $9,99 million worth of BTC. This group now spans 157.383 addresses, while there are also 13.589 addresses worth over $10 million. Since one individual can own multiple wallets, the true number of BTC millionaires could be even higher.

Institutions take the lead: Bull market appears to be just getting started

It seems that we can expect another wave of BTC millionaires soon. The signs are increasingly pointing to the continuation of the bull market. Ki Young Ju, co-founder of CryptoQuant, seems to have revised his position. While he predicted the end of the bull market two months ago, he recently publicly admitted on X that he was wrong.

According to Ju, the crypto market is currently undergoing a major shift. Previously, the price was mainly influenced by old whales, retail investors and miners, but now it is mainly institutional investors and spot exchange-traded funds (ETFs) that are pulling the strings. However, Ju remains cautiously optimistic: “It doesn’t feel overtly bullish or bearish.” The coming period will have to show whether Bitcoin will actually enter a new parabolic phase.

Frequently Asked Questions

What is the current price of Bitcoin?
Bitcoin's price is currently at $103.800, close to its all-time high.

How many new BTC millionaires have been created in the last month?
Over the past month, a whopping 39.368 new BTC millionaires have been created, according to data from BitInfoCharts.

What is the role of institutional investors in today's crypto market?
Institutional investors and spot exchange-traded funds (ETFs) now dominate the market, indicating a clear shift in the influencers of Bitcoin price.