Bitcoin ‘millionaire’ wallets drop 80% in year of BTC price bear market

Bitcoin ‘millionaire’ wallets drop 80% in year of BTC price bear market

Bitcoin (BTC) millionaires are becoming an increasingly rare breed as numbers fall 80% in a year.

According to the latest data from on-chain analytics firm Glassnode, there are now just 23,000 wallets with a BTC balance worth $1 million or more.

1 year, 90,000 fewer million-dollar BTC wallets

In yet another indication of how far the crypto market has fallen since Bitcoin’s last all-time highs, Bitcoin millionaires have been seriously feeling the pinch.

Glassnode, which tracks multiple cohorts of BTC wallets, confirms that as of Nov. 25, there were 23,245 with a balance worth over $1 million.


Contrast that with the scene from Nov. 8, 2021, when the tally hit its peak as BTC/USD approached its latest $69,000 all-time high — then, there were 112,898 “millionaire” wallets.

Bitcoin wallets with a balance of $1 million or more chart. Source: Glassnode

Such addresses have fallen in line with spot price itself, subject to modest selling by owners at various points of Bitcoin’s year-long bear market.

Millionaire wallet numbers are down around 79% in that period, while BTC/USD saw a maximum drawdown of 77% this month, data from Cointelegraph Markets Pro and TradingView shows.

BTC/USD 1-week candle chart (Bitstamp). Source: TradingView

Bitcoin address numbers in “up only” mode

As Cointelegraph reported, meanwhile, the picture looks somewhat different in BTC terms. Since the FTX implosion, certain classes of wallet have been accumulating.

Related: How low can the Bitcoin price go?

In addition, as noted by co-founders of trading suite Decentrader this week, exchange users withdrawing funds to private storage and consolidating wallets likely account for the significant increase in wallets with 1 BTC or more.

As of Nov. 27, these totaled over 952,000 — a record in Bitcoin’s history.

Bitcoin wallets with a balance of 1 BTC or more chart. Source: Glassnode

Glassnode nonetheless shows that even the smallest classes of investors — those with 0.01 BTC or more in their wallets — have also grown in numbers recently.

Overall, however, addresses with a non-zero balance have been in decline since Nov. 18, its data shows — a comparatively rare trend break last seen in April 2021.

Bitcoin addresses with a non-zero balance chart. Source: Glassnode

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Source link


Be the first to comment

Leave a Reply

Your email address will not be published.