Bitcoin (BTC) millionaires are becoming an increasingly rare breed, their numbers having fallen by 80% in one year.
According to the most recent data from on-chain analytics firm Glassnode, there are now only 23,000 wallets with a balance of $1 million or more in BTC.
1 year, 90,000 less BTC “millionaire” wallets
In another indication of how much the cryptocurrency market has fallen since Bitcoin’s last all-time high, Bitcoin millionaires have been hit hard.
Glassnode, which tracks multiple groups of BTC wallets, confirms that as of November 25, there were 23,245 with a balance greater than $1 million.
Contrast this with the picture on November 8, 2021, when the count peaked just as the BTC/USD pair was nearing its latest all-time high of $69,000; by then there were 112,898 “million dollar” wallets.
Such wallets have fallen in line with the spot price itself, subject to a modest sale by owners at various times in the current bear market, which has already stretched to a year.
Millionaire wallets are down around 79% in that period, while the BTC/USD pair has seen a peak drop of 77% this month, according to data from Cointelegraph Markets Pro and TradingView.
The number of Bitcoin wallet addresses continues to rise
Meanwhile, as we previously told you, the outlook looks somewhat different in terms of BTC. Since the FTX implosion, certain classes of wallets have been accumulating.
Additionally, as the Decentrader co-founders noted this week, exchange users moving their funds to personal storage and consolidating wallets likely account for the significant increase in wallets holding 1 BTC or more.
As of November 27, these numbered more than 952,000, a record in Bitcoin history.
Nonetheless, Glassnode shows that even the smallest classes of investors—those with 0.01 BTC or more in their wallets—have also grown in number recently.
Overall, though, addresses with a non-zero balance have been on the decline since Nov. 18, the data shows, a comparatively rare trend break last seen in April 2021.
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