The millionaire status of more than 80,000 Bitcoin (BTC) investors has been canceled due to the cryptocurrency market downturn, but lower prices mean that the number of entire coins is increasing.
Back on November 12, just days after Bitcoin hit a new all-time high at around $69,000, a total of 108,886 BTC addresses reported a balance greater than $1 million, according to data from BitInfoCharts.
Fast forward to this day, as the price of Bitcoin struggles to hold more than $20,000, only 26,284 addresses are reported to hold holdings worth up to $1 million, meaning the number of paper millionaires is down more than 75% worldwide. the past nine months.
The major drop in the price of the major cryptocurrency has also affected the number of whales – those who boast a bitcoin wallet worth over $10 million. While there were 10,587 titles with a minimum cash value of $10 million in November of last year, only 4,342 titles have the same status today, a decrease of 58%.
Despite the decline in the net worth of former bitcoin millionaires, the bear market has seen more than 13,000 new “wholecoiners” – a wallet containing one or more bitcoins – added to the market, bringing the total number of contract holders to just over about 860,000. This huge rise in the number of full coins indicates that retail investors are accumulating large amounts of bitcoin while prices are dropping.
Adding further credence to the hash-backlog narrative, more than 250,000 addresses have added 0.1 BTC, or $2,000 at the time of writing, or more to their holdings over the past 20 days, according to data from Glassnode.
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Bitcoin and the rest of the digital asset market have been negatively affected by a number of different issues, including increased regulatory scrutiny, ongoing geopolitical turmoil, rising inflation and rising interest rates.
With increasing uncertainty about the stability of global markets, commentators seem to agree that the price of risky assets like Bitcoin may continue to suffer over a longer period of time.
At the time of writing, Bitcoin was trading at $20,005, down 1.63% in the last 24 hours and 37% over the last 30 days, for a total market capitalization of $382 billion, according to data from CoinMarketCap.