There are 80 thousand Bitcoin millionaires less due to the crypto crash of 2022

The crypto crash has reduced the number of Bitcoin millionaires by more than 75% since November last year.

Fewer millionaires and whales

More than 80,000 Bitcoin investors have had their millionaire status revoked due to the crypto market crash. On November 12, just days after Bitcoin hit its all-time high of about $69,000, there were a total of 108,886 BTC addresses with balances above $1 million, according to data from BitInfoCharts.

At the moment there are reportedly only 26,284 addresses worth more than $1 million. This means that the number of millionaires has decreased by more than 75% over the past nine months.

BTC’s dramatic price drop has also impacted the number of whales – those who have Bitcoin wallets worth more than $10 million. While there were 10,587 whales in November last year, there are currently only 4,342, a 58% drop.

More wholecoiners

Despite the decline in the wealth of former BTC millionaires, the bear market has added more than 13,000 new “wholecoiners” to the market. These are the ones with a wallet that contains one or more BTC. This brings the total number of wholecoiners to just over 860,000. This significant spike could indicate that retail investors are accumulating large amounts of BTC as prices fall.

In addition, more than 250,000 addresses have added 0.1 BTC ($2,000), or more, to their holdings in the past 20 days, according to Glassnode data.

Bitcoin has been negatively impacted by a number of different things lately. The main causes are increased regulatory oversight, ongoing geopolitical turmoil, rising inflation and interest rate hikes.

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Due to increasing uncertainty about the stability of global markets, analysts seem to agree that the price of risky assets like Bitcoin could continue to decline over an extended period of time.

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