The 2024 Crypto Wealth Report by Henley & Partners reveals a significant increase in Bitcoin millionaires, crypto billionaires, and institutional investments in digital assets.
Rise in Bitcoin Millionaires
According to the 2024 Crypto Wealth Report, the number of Bitcoin millionaires has surged by 111% over the past year. As of July 30, 2024, 85,400 people hold more than $1 million in Bitcoin. Additionally, the overall number of cryptocurrency millionaires also saw an impressive rise to 172,300, which marks a 95% increase from the previous year. The number of crypto centi-millionaires, holding over $100 million, grew by 79%, bringing the total to 325. Six new crypto billionaires were also created, increasing the total number to 28. These statistics were measured from July 1, 2023, to June 30, 2024, using a combination of in-house wealth tier models and open-source data. Andrew Amoils, head of research at New World Wealth, highlighted that most growth was observed among Bitcoin millionaires, with five of the six new billionaires being Bitcoin holders. The key factor in this wealth increase has been the 142% rise in Bitcoin's price over the past year. Dominic Volek, head of private clients at Henley & Partners, attributed most of this growth to the introduction of spot Bitcoin exchange-traded funds (ETFs), which have seen significant inflows since their launch.
Positive Inflows in Bitcoin Funds
Spot Bitcoin ETFs in the U.S. saw a substantial influx of capital on Monday, with a total daily net inflow of $202.51 million, marking the eighth consecutive day of positive flows. Funds such as BlackRock's IBIT and WisdomTree's BTCW recorded the highest inflows. Despite overall positive trends, some funds like Bitwise's BITB and Fidelity's FBTC recorded outflows. The trading volume for spot Bitcoin funds decreased to $1.2 billion from $3.12 billion last Friday. Since their launch in January, these funds have accumulated total net inflows of $18.08 billion. In contrast, U.S. spot Ether funds registered net outflows of $13.23 million, making it their eighth consecutive day of negative flows. Funds like Grayscale's ETHE and Fidelity's FETH showed the largest outflows.
New Bitcoin Forecasts
According to Real Vision analyst Jamie Coutts, Bitcoin could reach $150,000 by the end of 2024. In his post, Coutts noted that Bitcoin's price action follows historical bull market patterns, potentially doubling from its current price of around $62,000. However, not all analysts are optimistic in the short term. CryptoQuant analyst 'XBTManager' warns of potential selling pressure from short-term sellers, which could cause a price pullback. It is also noted that the Bitcoin futures premium has stagnated at around 6%, indicating caution among professional traders. Additionally, Semler Scientific has increased its Bitcoin holdings by purchasing another 83 BTC for $5 million. Their total reserve now stands at 1,012 BTC. This move reflects the broader trend of institutional interest in cryptocurrency. As of now, publicly traded companies worldwide hold over 320,000 BTC. This trend is expected to continue, driven by the approval of Bitcoin-based ETFs and rising regulatory support for digital assets. Institutional interest in other cryptocurrencies, such as Solana and Ethereum, has also grown despite challenging market conditions.
The increase in Bitcoin millionaires and institutional investments underscores the growing importance of the cryptocurrency industry. This trend is expected to continue amid regulatory support and rising demand for digital assets.
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