Bitcoin ‘millionaire’ wallets fall 80% in year with BTC price bearer market
Bitcoin (BTC) millionaires are becoming an increasingly rare breed as numbers drop by 80% in a year.
According to the latest data from on-chain analytics firm Glassnode, there are now only 23,000 wallets with a BTC balance worth $1 million or more.
1 year, 90,000 less million dollar BTC wallets
In yet another indication of how far the crypto market has fallen since Bitcoin’s recent all-time highs, Bitcoin millionaires have seriously felt the pinch.
Glassnode, which tracks several cohorts of BTC wallets, confirms that as of November 25, there were 23,245 with a balance worth over $1 million.
Compare that to the scene from November 8, 2021, when the numbers peaked as BTC/USD approached its recent $69,000 all-time high – then there were 112,898 “millionaire” wallets.
Such addresses have fallen in line with the spot price itself, subject to modest selling by owners at various points in Bitcoin’s year-long bear market.
Millionaire wallet numbers are down around 79% in that period, while BTC/USD saw a maximum decline of 77% this month, data from Cointelegraph Markets Pro and TradingView shows.
Bitcoin address numbers in “just up” mode
As Cointelegraph reported, the picture looks somewhat different in BTC terms. Since the FTX implosion, certain classes of wallets have converged.
Related: How Low Can Bitcoin Price Go?
Additionally, as noted by the co-founders of trading suite Decentrader this week, exchange users withdrawing money to private storage and consolidating wallets likely account for the significant increase in wallets with 1 BTC or more.
As of November 27, these totaled over 952,000 – a record in Bitcoin’s history.
Nevertheless, Glassnode shows that even the smallest classes of investors – those with 0.01 BTC or more in their wallets – have also grown in numbers recently.
Overall, however, addresses with a non-zero balance have been in decline since November 18, the data shows – a relatively rare trend break last seen in April 2021.
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