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Post: Bitcoin Price Surges: On-Chain Whales Stay Cautious

Bitcoin Price Surges: On-Chain Whales Stay Cautious

Key Points:

  • Despite Bitcoin reaching a new all-time high, on-chain Bitcoin whales have not returned quickly.
  • The number of new daily Bitcoin “millionaire” wallets has increased to around 1,500 following Bitcoin’s rally to $72,000.
  • During the last bull run, more than 4,000 wallets reached the million-dollar mark daily, with another 2,000 wallets reaching $10 million every day.

On-chain Bitcoin Whales:

Even though Bitcoin has surpassed its previous all-time high, on-chain Bitcoin whales have not made a quick return to the scene, indicating a different trend compared to previous bull runs.

Increase in “Millionaire” Wallets:

The number of new daily Bitcoin “millionaire” wallets has risen to approximately 1,500 with Bitcoin’s recent surge to $72,000. However, this growth is significantly lower than the numbers seen during the previous bull run.

Comparison with Previous Bull Run:

During the last bull run, when Bitcoin hit its previous all-time high of $69,000 in 2021, over 4,000 wallets were reaching the million-dollar milestone daily, while an additional 2,000 wallets were hitting $10 million each day, showing a stark contrast to the current situation.

Hot Take:

Despite Bitcoin’s price achievements, the slower return of on-chain Bitcoin whales and the lower count of new “millionaire” wallets compared to the previous bull run suggest a different dynamics in the crypto market this time around. This indicates that market participants may be approaching the current rally with caution or different investment strategies.

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