{"id":36438,"date":"2022-11-27T23:14:55","date_gmt":"2022-11-27T23:14:55","guid":{"rendered":"https:\/\/egrowonline.com\/?p=36438"},"modified":"2022-11-27T23:14:55","modified_gmt":"2022-11-27T23:14:55","slug":"bitcoin-millionaire-wallets-drop-80-in-year-of-btc-price-bear-market","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=36438","title":{"rendered":"Bitcoin \u2018millionaire\u2019 wallets drop 80% in year of BTC price bear market"},"content":{"rendered":"


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Bitcoin (BTC<\/a>) millionaires are becoming an increasingly rare breed as numbers fall 80% in a year.<\/p>\n

According<\/a> to the latest data from on-chain analytics firm Glassnode, there are now just 23,000 wallets with a BTC balance worth $1 million or more.<\/p>\n

1 year, 90,000 fewer million-dollar BTC wallets<\/h2>\n

In yet another indication<\/a> of how far the crypto market has fallen since Bitcoin\u2019s last all-time highs, Bitcoin millionaires have been seriously feeling the pinch.<\/p>\n

Glassnode, which tracks multiple cohorts of BTC wallets, confirms that as of Nov. 25, there were 23,245 with a balance worth over $1 million. <\/p>\n

Contrast that with the scene from Nov. 8, 2021, when the tally hit its peak as BTC\/USD approached its latest $69,000 all-time high \u2014 then, there were 112,898 \u201cmillionaire\u201d wallets.<\/p>\n

Bitcoin wallets with a balance of $1 million or more chart. Source: Glassnode<\/em><\/figcaption><\/figure>\n

Such addresses have fallen in line with spot price itself, subject to modest selling by owners at various points of Bitcoin\u2019s year-long bear market<\/a>.<\/p>\n

Millionaire wallet numbers are down around 79% in that period, while BTC\/USD saw a maximum drawdown of 77% this month, data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0shows.<\/p>\n

BTC\/USD 1-week candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Bitcoin address numbers in \u201cup only\u201d mode<\/h2>\n

As Cointelegraph reported, meanwhile, the picture looks somewhat different in BTC terms<\/a>. Since the FTX implosion, certain classes of wallet have been accumulating.<\/p>\n

Related:\u00a0How low can the Bitcoin price go?<\/a><\/em><\/strong><\/p>\n

In addition, as noted<\/a> by co-founders of trading suite Decentrader this week, exchange users withdrawing funds to private storage<\/a> and consolidating wallets likely account for the significant increase in wallets with 1 BTC or more.<\/p>\n

As of Nov. 27, these totaled over 952,000 \u2014 a record in Bitcoin\u2019s history.<\/p>\n

Bitcoin wallets with a balance of 1 BTC or more chart. Source: Glassnode<\/em><\/figcaption><\/figure>\n

Glassnode nonetheless shows that even the smallest classes of investors \u2014 those with 0.01 BTC or more in their wallets \u2014 have also grown in numbers recently.<\/p>\n

Overall, however, addresses with a non-zero balance have been in decline since Nov. 18, its data shows \u2014 a comparatively rare trend break last seen in April 2021.<\/p>\n

Bitcoin addresses with a non-zero balance chart. Source: Glassnode<\/em><\/figcaption><\/figure>\n

The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n


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Bitcoin (BTC) millionaires are becoming an increasingly rare breed as numbers fall 80% in a year. According to the latest data from on-chain analytics firm Glassnode, there are now just 23,000 wallets with a BTC balance worth $1 million or more. 1 year, 90,000 fewer million-dollar BTC wallets In yet another indication of how far […]<\/p>\n","protected":false},"author":1,"featured_media":36439,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[1251,50,194,1371,219,6127,195,833,547],"class_list":["post-36438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bear","tag-bitcoin","tag-btc","tag-drop","tag-market","tag-millionaire","tag-price","tag-wallets","tag-year"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/11\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvNjU3ZTM0OTktMWRjOC00MjAzLTgxODktY2JiNWQ4ZTQ0N2YwLmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/36438","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=36438"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/36438\/revisions"}],"predecessor-version":[{"id":36440,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/36438\/revisions\/36440"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/36439"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36438"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}