80,000 holders stopped being Bitcoin millionaires after the great fall of the crypto market in 2022

80,000 holders stopped being Bitcoin millionaires after the great fall of the crypto market in 2022

Over 80,000 Bitcoin (BTC) investors have had their millionaire status revoked due to the cryptocurrency market crash, but the price drop has seen the number of users holding 1 BTC rise.

On Nov. 12, just days after Bitcoin hit a new all-time high of around $69,000, a total of 108,886 BTC addresses showed a balance of over $1 million, according to data from BitInfoCharts.

Currently, with the price of Bitcoin struggling to stay above $20,000, there are only 26,284 addresses with values ​​exceeding $1 million, meaning the number of paper millionaires has dropped by more than 75%. in the last nine months.

The drastic drop in the price of the star cryptocurrency has also had an impact on the number of “whales”, that is, those who have a Bitcoin wallet of more than USD 10 million. While in November of last year there were 10,587 addresses with a minimum value of USD 10 million in cash, currently only 4,342 have that status, which represents a decrease of 58%.

Despite the declining net worth of former BTC millionaires, the bear market has seen over 13,000 new “wholecoiners” – i.e. wallets containing one or more BTC – have been added to the market, pushing the number up. total wholecoiners to just over 860,000. This significant increase in the number of wholecoiners suggests that retail investors are amassing large amounts of BTC as prices plunge.

Adding more credence to the retail accumulation narrative, more than 250,000 addresses have added 0.1 BTC, or $2,000 at press time, or more to their holdings in the last 20 days, according to data from Glassnode.

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Bitcoin and the rest of the digital asset market have been negatively affected by a number of different issues, including increased regulatory scrutiny, sustained geopolitical unrest, rising inflation, and interest rate hikes.

Due to the growing uncertainty surrounding the stability of global markets, commentators seem to agree that the price of risky assets like Bitcoin could continue to suffer in the long run.

At press time, Bitcoin is changing hands for $20,005, down 1.63% in the last 24 hours and down 37% in the last 30 days, with a total market capitalization of $382 billion, according to data from CoinMarketCap.

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