Bitcoin’s record-breaking rally appears to be creating around 1,500 new “millionaire wallets” daily, according to crypto analytics firm Kaiko Research.

The wallets are digital addresses on the Bitcoin blockchain, in which users can store cryptocurrency. Data such as the number of tokens a wallet holds is accessible since the network is public and not controlled by any centralized intermediaries. However, the addresses are anonymous, making it hard to distinguish whether they’re controlled by individuals or entities.

The original cryptocurrency has soared around 70% already this year amid exuberance over surging demand for US exchange-traded funds that were first allowed to hold the tokens in January. Even so, the pace of new millionaire wallets being created is lower than during the last bull-market run of 2021, when more than 4,000 wallets were reaching the million-dollar mark daily. The high for the current year was 1,691 wallets on March 1.

The slower pace could be due to a few things. Fresh capital has yet to arrive in full force; large so-called whales are taking profits while Bitcoin hits new highs; whales are storing their holdings with custodians, rather than personal wallets, Kaiko said in a report on Monday.

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

This article was provided by Bloomberg News.