Amidst Bitcoins surge to record highs, a recent report by Kaiko Research reveals that 1,500 wallets are surpassing the million-dollar mark daily. This momentum follows a 16% gain this month, extending a rally that commenced in mid-January with the approval of spot bitcoin ETFs for trading in the US by regulators. The current trend peaked at 1,691 wallets on March 1, although its important to note that some wallets may belong to a single entity.Despite the ongoing surge, the report suggests that the influx of new capital has not reached its full potential. Long-term bitcoin holders are reportedly selling as the tokens value rises, prompting the speculation that more investors are storing their crypto assets outside of digital wallets. The report suggests a cautious approach among whales, waiting to assess the sustainability of gains before making substantial investments.Bitcoins remarkable performance is sustained by an unprecedented influx of capital into crypto products. The looming reduction in the digital tokens supply growth may contribute to this all-time peak. The original cryptocurrency reached nearly $72,881 on Monday, maintaining strong trading at $72,220 on Tuesday.According to CoinShares International Ltd., a staggering $2.7 billion flowed into crypto assets last week, with a significant portion directed towards Bitcoin. Both Bitcoin and the other top 100 coins have witnessed an approximately 70% increase in value this year.#Bitcoin smashes through all-time high but we are still early pic.twitter.com/A7r0nj4mrI— Cryptoiz Research 🇮🇩🇮🇩 (@cryptoiz_IDN) March 12, 2024Ophelia Snyder, co-founder and president of 21Shares, remarked on the growing institutional adoption in the US, acknowledging that it is still in its early stages. She stated, Not all of the institutions, not all of the wire houses, have access to it.In the midst of this bullish market sentiment, Tony Sycamore, a market analyst at IG Australia Pty, anticipates strong support for Bitcoin on dips, foreseeing a push toward $80,000 in the coming months.
