The Number of Bitcoin Millionaires Decline More Than 75% Because of Crypto Crash

The fall of the cryptocurrency market has negatively affected many BTC holders. It's no secret that an increasing number of users perceive Bitcoin not as a means of payment, but as an investment tool, actively investing money in this cryptocurrency. 

However, with the fall of the market, many holders of cryptocurrencies have lost their millionaire status. As the statistics show more than 80,000 bitcoin investors have lost their millionaire status. 

At the same time, there is a reverse trend. The fall of the market is a great opportunity to buy bitcoin at the most attractive price. Therefore, the number of owners of 1 BTC and larger amounts continues to grow. Let's analyze the statistics in more detail.

According to BitInfoCharts, on November 12, a few days after bitcoin hit an all-time high of about $69K, 108,886 BTC addresses reported a balance exceeding $1 million.

At the moment, when the price of Bitcoin is less than $20K, only 25,342 addresses contain assets worth over $1 million. This means that the number of millionaires has decreased by more than 75% in the last nine months.

The sharp decline in the BTC price also affected the number of whales owning more than $10 million. If in November last year there were 10,587 addresses with assets exceeding $10 million, today only 4,236 have the same status, which is 60% less.

The decline in the price of BTC has led to the opposite trend. The low price of BTC encourages investors to buy bitcoin at the most attractive price. This led to the fact that more than 13,000 wallets containing more than 1 BTC in assets appeared on the bear market. As a result, the total number of owners of 1 BTC or more amounted to just over 860,000.

According to Glassnode data, more than 250,000 addresses have added 0.1 BTC or more ($2,000 at the time of writing) to their holdings over the past 20 days.

The price of bitcoin and the entire cryptocurrency market continues to be negatively affected by a combination of economic and political factors that have covered modern society.

Among them, can be noted the strengthening of regulatory control, prolonged geopolitical unrest, global economic and political crises that provoked an increase in inflation and a rise in interest rates.

Due to the growing uncertainty surrounding the stability of global markets, many analysts agree that the price of risky assets such as bitcoin may continue to fall for a longer period of time.