More than 75% of Bitcoin (BTC) investors have lost their millionaire status since November 2021.
26,284 BTC addresses are reported to have holdings valued upwards of $1 million. This is stark difference to November 2021, which saw a total of 108,886 wallet addresses having a balance greater than $1 million.
The number of “whales” – those whose Bitcoin wallets are worth more than $10 million – has also decreased since November 2021.
Now, 4,342 wallets hold status as whales, from 10,587 wallets holding cash value of more than $10 million just eight months ago, marking a decline of 58%.
Although 80,000 Bitcoin investors have been affected negatively by this crypto winter, the decline of prices can lead to new users adopting the use of the cryptocurrency. The 2022 bear market has welcomed more than 13,000 new “wholecoiners” – those who hold one or more BTC. There are currently 860,000 wholecoiners.
Additionally, more than 250,000 addresses have added at least 0.1 BTC, $2,000 at the time of writing to their wallets within the past 20 days, according to Glassnode, an on-chain financial metrics provider.
November 12, 2021 marked Bitcoin’s record market price high of $69,000. Data from TradingView has shown that the bear market has dropped Bitcoin prices to a low of $19,857 on June 29, 2022.
Bitcoin is not just facing negative impacts from this bear market – the rest of the digital asset market has been facing issues including rising inflation, spikes in interest rates, increased regulatory scrutiny, and the aftereffects of sustained geopolitical unrest.
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