Analytics firm Kaiko says Bitcoin (BTC) has yet to witness the full impact of fresh capital despite printing new all-time highs.

In a new report, Kaiko’s research team says the crypto bull market is breeding new Bitcoin millionaire whales at a much slower pace compared to the 2021 market cycle.

“Despite the recent price surge, on-chain Bitcoin whales are seeing a slow return. Using Wallet Data, we were able to compute the number of new daily millionaire wallets and found that they have remained below two thousand per day.

During the last bull run, more than four thousand wallets were reaching the million-dollar mark daily, and more than two thousand wallets were reaching $10 million.” 

Kaiko thinks that the slow return of Bitcoin millionaire whales could be due to three reasons.

“(1) New capital has yet to arrive in full force.

(2) Large whales are taking profit as BTC hits new highs.

(3) Whales are storing their holdings with custodians, rather than personal wallets.” 

According to the analytics firm, the data suggests that deep-pocketed investors are taking a wait-and-see approach even as Bitcoin trades at all-time high levels.

“In 2021, there was a huge influx in capital as all manner of bulls sought to benefit from the crypto hype. This time around, whales could be taking a more cautious approach, waiting to see if the gains have legs before investing.”

At time of writing, Bitcoin is trading for $71,482.

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