80,000 Bitcoin millionaires status revoked in the great crypto crash of 2022
More than 80,000 Bitcoin (BTC) investors have had their millionaire status revoked due to the crypto market recession. The crypto crash has seen the number of Bitcoin millionaires decline by more than 75% since November last year, whereas the lower prices mean the number of whole coiners is growing.
According to data from BitInfoCharts, on Nov. 12, just days after Bitcoin hit a new all-time high of about $69,000, a total of 108,886 BTC addresses reported a balance greater than $1 million.
In the present day, with the price of Bitcoin struggling to hold above $20000, a simple 26,284 addresses are described to contain holdings valued at upward of $1 million, meaning that the number of paper millionaires has deteriorated by more than 75% throughout the last nine months.
The dramatic decline in the price of the leading cryptocurrency has also impacted the number of giants — those who claim a Bitcoin wallet worth more than $10 million. While there were 10,587 addresses with a minimum cash value of $10 million in Nov. last year, just 4,342 hold the same status today, a decline of 58%.
In spite of the decline in the net worth of previous BTC millionaires, the bear market has seen more than 13,000 new “wholecoiners” — a wallet that contains one or more BTC — added to the market, bringing the total number of wholecoiners to around 860,000 and more. This important point in the number of whole coiners would suggest that retail investors are gathering large amounts of BTC while prices tank.
Glassnode’s data added further reliability to the retail growth narrative, by more than 250,000 addresses have added 0.1 BTC, or $2,000 at present, or more to their holdings over the past 20 days.
Bitcoin and the rest of the digital asset market have been depressingly impacted by a number of different topics, including increased regulatory analysis, sustained geopolitical unrest, rising inflation, and interest rate hikes.
Owing to the increasing uncertainty around the constancy of global markets, analysts seem to agree that the price of risk assets like Bitcoin could continue to suffer over a longer time frame.
According to data from CoinMarketCap, at present Bitcoin is changing hands for $20,005, down 1.63% in the last 24 hours and 37% over the last 30 days, with a total market capitalization of $382 billion.
