Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Twelve months after Bitcoin’s last all-time high, seven-figure BTC balances have taken a hit.
Bitcoin (BTC) millionaires are becoming an increasingly rare breed as numbers fall 80% in a year.
According to the latest data from on-chain analytics firm Glassnode, there are now just 23,000 wallets with a BTC balance worth $1 million or more.
1 year, 90,000 fewer million-dollar BTC wallets
In yet another indication of how far the crypto market has fallen since Bitcoin’s last all-time highs, Bitcoin millionaires have been seriously feeling the pinch.
Glassnode, which tracks multiple cohorts of BTC wallets, confirms that as of Nov. 25, there were 23,245 with a balance worth over $1 million.
Contrast that with the scene from Nov. 8, 2021, when the tally hit its peak as BTC/USD approached its latest $69,000 all-time high — then, there were 112,898 “millionaire” wallets.
Bitcoin wallets with a balance of $1 million or more chart. Source: Glassnode
Such addresses have fallen in line with spot price itself, subject to modest selling by owners at various points of Bitcoin’s year-long bear market.
BTC/USD 1-week candle chart (Bitstamp). Source: TradingView
Bitcoin address numbers in “up only” mode
As Cointelegraph reported, meanwhile, the picture looks somewhat different in BTC terms. Since the FTX implosion, certain classes of wallet have been accumulating.
Related: How low can the Bitcoin price go?
In addition, as noted by co-founders of trading suite Decentrader this week, exchange users withdrawing funds to private storage and consolidating wallets likely account for the significant increase in wallets with 1 BTC or more.
As of Nov. 27, these totaled over 952,000 — a record in Bitcoin’s history.
Bitcoin wallets with a balance of 1 BTC or more chart. Source: Glassnode
Glassnode nonetheless 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 Nov. 18, its data shows — a comparatively rare trend break last seen in April 2021.
Bitcoin addresses with a non-zero balance chart. Source: Glassnode
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.