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Kaiko Research reports that the Bitcoin rally has pushed more than 1,500 BTC Wallets to the $1 million mark every day.
Kaiko, in an article published on March 11, said that while this number is lower, it’s still higher than the daily average of more than 4,500 wallets reaching the millionaire level during the bull market in 2021. And two thousand reached $10 million. report.
A lack of investment in crypto is among the many reasons that whales may be slow to come back to the market. “in full force,” Large “whales” It said that people could either take advantage of BTC’s new highs and profit, or store their BTC holdings in custodians rather than using personal wallets.
“In 2021, there was a huge influx in capital as all manner of bull sought to benefit from the crypto hype,” It was said. “This time around, whales could be taking a more cautious approach, waiting to see if the gains have legs before investing.”
The record so far for this year is 1,691 BTC millionaire wallets in one day. 1.
Bitcoin demand is strong despite increased sell orders
You can also find out more about the following: Bitcoin The price of Bitcoin has been rising steadily since the launch in January 2011 of spot Bitcoin Exchange-Traded Funds. The last 30 days, the number of people who have been able to access 50% more services is up by CoinMarketCap data.
The report stated that following BTC’s recent positive movements, in which the crypto leader broke $72k, a record high for BTC, a lot of derivatives have been liquidated.
In spite of the volatility last week, liquidations on derivative markets were significant.#BTC On March 4, open interest increased by more than $2bn, hitting an all-time high of $15.5bn. next day. pic.twitter.com/ssuXPbmVkp
— Kaiko (@KaikoData) March 11, 2024
Open interest for Bitcoin Perpetual contracts rose also by nearly $2 billion in March. On March 4, the total reached a record high for a number of years, $15 billion. It dropped back down to $1.4 Billion the next day.
According to the report, despite the slight decline in the funding rate, BTC demand is still strong.
🚀 #BTC Market depth (the quantity of asks and bids in BTC orderbooks) has steadily increased over the last few months. It reached more than 600mn dollars just last week. pic.twitter.com/Sq2UTITGk9
— Kaiko (@KaikoData) March 11, 2024
This demand, however, is clouded with a strong “mismatch” There is a difference between the depth of bids and requests. At present, there are a large number of orders to sell. “far surpasses” The firm added the number of orders.
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“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: insidebitcoins.com