Number of bitcoin millionaires decreased by 80,000 due to bear market

Bitcoin (BTC) has a new one some time ago on November 12, 2021 all time high (ATH) created. The price was at its highest around $69,000. This resulted in a total of more than 108,000 wallets that had a balance of more than $1 million, according to data from BitInfoCharts†

75% of bitcoin millionaires have evaporated

At the time of writing, we see that bitcoin is having a very hard time staying above USD 20,000 and has actually fallen below it last night. Of course, Bitcoin and the cryptocurrency market have been struggling lately for a number of different reasons, including certain new laws and regulations and the interest rate hike we saw recently.

Because the price has fallen so hard, there are currently only a little more than 26,000 wallets that have a balance of more than $1 million. In other words, this means that 75% of millionaires have evaporated in the past nine months.

Bitcoin whales underwater, smaller wallets also benefit

The decline has also caused the number of whales, addresses with balances of more than $10 million, to take a hit. At the ATH in November, there were about 10,500 addresses with more than $10 million in bitcoin. At the moment there are only 4,300, a decrease of 58%.

Still, a decline clearly offers opportunities for other investors. The number of wallets that own at least 1 BTC has risen sharply due to the decline. In total, 13,000 wholecoiners have been added, or people who have managed to get hold of an entire bitcoin.

In total, there are now just over 860,000 wholecoiners. We also see that the number of wallets increases by 0.1 BTC. In total, more than 250,000 wallet addresses have now been added with more than 0.1 BTC according to data from Glassnode†