Bitcoin 'Millionaire' Wallets Drop 80% in Year of BTC Price Bear Market
Twelve months after Bitcoin's last all-time high, seven-digit BTC balances have taken a hit.
Market news
Bitcoin (BTC) millionaires are becoming an increasingly rare breed as numbers drop 80% in a year.
According to the latest data from on-chain analytics firm Glassnode, there are only 23,000 wallets left with a BTC balance worth at least $1 million.
1 year, 90,000 million less BTC walletsIn another indication of the crypto market's fall from Bitcoin's last all-time highs, Bitcoin millionaires have taken a serious pinch.
Glassnode, which tracks multiple cohorts of BTC wallets, confirms that as of November 25, there were 23,245 with a balance worth over $1 million.
Compare that with the scene on November 8, 2021, when the count peaked as BTC/USD approached its latest all-time high of $69,000 – then there were 112,898 “millionaire” wallets.
Bitcoin wallets with a balance of 1 million dollars or more graph. Source: Glassnode
These addresses have fallen in line with the spot price itself, subject to modest owner selling at various points in Bitcoin's bear market throughout the year. year.
The number of millionaire wallets has fallen by around 79% over this period, while BTC/USD saw a peak drawdown of 77% this month, according to data from Cointelegraph Markets Pro and TradingView.
BTC/USD 1 week candle chart ( Bitstamp ). Source: TradingView
Twelve months after Bitcoin's last all-time high, seven-digit BTC balances have taken a hit.
Market news
Bitcoin (BTC) millionaires are becoming an increasingly rare breed as numbers drop 80% in a year.
According to the latest data from on-chain analytics firm Glassnode, there are only 23,000 wallets left with a BTC balance worth at least $1 million.
1 year, 90,000 million less BTC walletsIn another indication of the crypto market's fall from Bitcoin's last all-time highs, Bitcoin millionaires have taken a serious pinch.
Glassnode, which tracks multiple cohorts of BTC wallets, confirms that as of November 25, there were 23,245 with a balance worth over $1 million.
Compare that with the scene on November 8, 2021, when the count peaked as BTC/USD approached its latest all-time high of $69,000 – then there were 112,898 “millionaire” wallets.
Bitcoin wallets with a balance of 1 million dollars or more graph. Source: Glassnode
These addresses have fallen in line with the spot price itself, subject to modest owner selling at various points in Bitcoin's bear market throughout the year. year.
The number of millionaire wallets has fallen by around 79% over this period, while BTC/USD saw a peak drawdown of 77% this month, according to data from Cointelegraph Markets Pro and TradingView.
BTC/USD 1 week candle chart ( Bitstamp ). Source: TradingView
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