Bitcoin's price surge in 2024 has resulted in a significant increase in the creation of Bitcoin millionaire wallets on a daily basis. Research from Kaiko indicates that nearly 2,000 of these wallets are being formed each day, although this number is notably lower than during the 2021 bull run, when over 4,000 such wallets were being generated daily. Additionally, over 2,000 wallets reached the $10 million mark daily during the previous bull run.

Kaiko suggests that the slower pace of wallet creation in this market cycle may be due to new capital entering the market gradually and large whales from the previous cycle still profiting as Bitcoin reaches new highs. Furthermore, whales are reportedly storing their holdings with custodians rather than personal wallets, contributing to the decrease in the number of Bitcoin millionaire wallets.

However, it's anticipated that the number of Bitcoin millionaire wallets will continue to rise as the current bull run progresses. Analysts like Rekt Capital predict that this bull market will peak around September or October of the following year. Factors such as the approval of Spot Ethereum ETFs are expected to fuel more rallies for both Bitcoin and altcoins.

Moreover, more crypto tokens are expected to have their ETFs in this cycle, especially with the approval of the Ethereum ETFs, resulting in increased capital flowing into the crypto space. Additionally, the upcoming US election is anticipated to have a positive impact on this bull market, with Donald Trump already expressing his pro-crypto stance.

Furthermore, this bull run is expected to create more crypto millionaires than previous ones, thanks to the growing adoption of meme coins. The proliferation of meme coins has led to a rise in trading activity, with investors cashing out significantly from trading these tokens. For instance, earlier this year, a trader reportedly made almost $11 million from a $1,800 investment in the Dogwifhat (WIF) meme coin, while another group of traders allegedly earned $8 million in 24 hours with an initial investment of $6,400 in Solana meme coins.

More recently, on-chain data tracker Bubblemaps revealed a trader who profited $2 million from trading the Mother Iggy (MOTHER) meme coin, a token associated with the Australian rapper Iggy Azalea.