80,000 Bitcoin millionaires have been wiped since the crypto crash earlier this year.
More than 75% of Bitcoin millionaires have been decimated since the decline in November of 2021.
Over 80,000 Bitcoin investors have lost millions upon millions of dollars as a result of the Crypto Markets
Soon after Bitcoin had reached an all-time high of approximately $69,000 in November of 2021, a total of 108,886 BTC addresses had a balance of over $1 million, according to data from BitInfoCharts.
As of today, the price of Bitcoin struggles to hold a value over $20,000 and only 26,284 addresses are reported to contain holdings valued at upward of $1 million. Essentially, the number of paper millionaires has declined by more than 75% within the last nine months, , causing the status of once multi-millionaires to be revoked.
The tremendous decline in the price of Bitcoin has also impacted the number of “whales,” which are those who posses a Bitcoin wallet of over $10 million. There were 10,587 addresses with over $10 million in Nov of 2021. Today, only 4,342 hold the same status, equating to a 588% decline.
Despite the decline in the net worth of former BTC millionaires, the bear market has seen more than 13,000 new “whole-coiners,” which are those who have a wallet that contains one or more BTC. This brings the total number of whole-coiners to over 860,000. This major spike in the amount of whole coiners suggests that retail investors are accumulating large amounts of BTC while prices tank.
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.
Bitcoin and the rest of the digital asset market have been negatively impacted by a number of different issues, including increased regulatory scrutiny, sustained geopolitical unrest, rising inflation and interest rate hikes.
Due to the increasing uncertainty around the stability of global markets, commentators seem to agree that the price of risk assets like Bitcoin could continue to suffer over a longer time frame.