{"id":8811,"date":"2022-11-27T20:32:51","date_gmt":"2022-11-27T20:32:51","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=8811"},"modified":"2022-11-27T20:32:52","modified_gmt":"2022-11-27T20:32:52","slug":"bitcoin-millionaire-wallets-drop-80-in-year-of-btc-price-bear-market","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=8811","title":{"rendered":"Bitcoin &#8216;millionaire&#8217; wallets drop 80% in year of BTC price bear market"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) millionaires are becoming an increasingly rare breed as numbers fall 80% in a year.<\/p>\n<p>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.<\/p>\n<h2>1 year, 90,000 fewer million-dollar BTC wallets<\/h2>\n<p>In yet another indication of how far the crypto market has fallen since Bitcoin\u2019s last all-time highs, Bitcoin millionaires have been seriously feeling the pinch.<\/p>\n<p>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. <\/p>\n<p>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 \u2014 then, there were 112,898 \u201cmillionaire\u201d wallets.<\/p>\n<p><em>Bitcoin wallets with a balance of $1 million or more chart. Source: Glassnode<\/em><\/p>\n<p>Such addresses have fallen in line with spot price itself, subject to modest selling by owners at various points of Bitcoin\u2019s year-long bear market.<\/p>\n<p>Millionaire wallet numbers are down around 79% in that period, while BTC\/USD saw a maximum drawdown of 77% this month, data from Cointelegraph Markets Pro and TradingView\u00a0shows.<\/p>\n<p><em>BTC\/USD 1-week candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Bitcoin address numbers in &#8220;up only&#8221; mode<\/h2>\n<p>As Cointelegraph reported, meanwhile, the picture looks somewhat different in BTC terms. Since the FTX implosion, certain classes of wallet have been accumulating.<\/p>\n<p><strong><em>Related:\u00a0How low can the Bitcoin price go?<\/em><\/strong><\/p>\n<p>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.<\/p>\n<p>As of Nov. 27, these totaled over 952,000 \u2014 a record in Bitcoin\u2019s history.<\/p>\n<p><em>Bitcoin wallets with a balance of 1 BTC or more chart. Source: Glassnode<\/em><\/p>\n<p>Glassnode nonetheless shows that even the smallest classes of investor \u2014 those with 0.01 BTC or more in their wallets \u2014 have also grown in numbers recently.<\/p>\n<p>Overall, however, addresses with a non-zero balance have been in decline since Nov. 18, its data shows \u2014 a comparatively rare trend break last seen in April 2021.<\/p>\n<p><em>Bitcoin addresses with a non-zero balance chart. Source: Glassnode<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-millionaire-wallets-drop-80-in-year-of-btc-price-bear-market\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8812,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-8811","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8811","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8811"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8811\/revisions"}],"predecessor-version":[{"id":8813,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8811\/revisions\/8813"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/8812"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}