Bitcoin ‘millionaire’ wallets drop 80% in year of BTC price bear market

Bitcoin (BTC) millionaires are becoming an increasingly rare breed as numbers drop 80% in a year.

According to according to the latest data from on-chain analytics company Glassnode, there are now only 23,000 wallets with a BTC balance worth $1 million or more.

1 year, 90,000 less million dollar BTC wallets

In yet another indication of how far the crypto market has fallen since Bitcoin’s recent all-time highs, Bitcoin millionaires have seriously felt the pinch.

Glassnode, which tracks several cohorts of BTC wallets, confirms that as of November 25, there were 23,245 with a balance worth more than $1 million.

Compare that to the scene of November 8, 2021, when the count reached its peak, when BTC/USD was approaching its most recent all-time high of $69,000 – then there were 112,898 “million” wallets.

Such addresses have fallen in line with spot price itself, subject to modest selling by owners at various points in Bitcoin’s year-long bear market.

Millions of wallets are down about 79% in that period, while BTC/USD has seen a peak drop of 77% this month, data from Cointelegraph Markets Pro and TradingView shows

Bitcoin address numbers in “up only” mode

As Cointelegraph reported, meanwhile, the picture looks a bit different in BTC terms. Since the implosion of FTX, some wallet classes have rallied.

Related: How low can the price of Bitcoin go?

In addition, as noted by the co-founders of business series Decentrader this week, exchange users withdrawing funds to private storage and consolidating wallets is likely responsible for the significant increase in wallets with 1 BTC or more.

As of November 27, these totaled more than 952,000 – a record in Bitcoin history.

Glassnode, however, 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 non-zero balances have been declining since Nov. 18, its data shows — a relatively rare trend break last seen in April 2021.

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