80,000 Bitcoin millionaires wiped out in the great crypto crash of 2022
More than 80,000 Bitcoin (BTC) investors have had their millionaire status revoked due to the crypto market downturn, but lower prices mean the number of whole coiners is growing.
Back on Nov. 12, just days after Bitcoin hit a new all-time high of around $69,000, a total of 108,886 BTC addresses reported a balance greater than $1 million, according to data from BitInfoCharts.
Fast forward to the present day, with the price of Bitcoin struggling to hold above $20,000, a mere 26,284 addresses are reported to contain holdings valued at upward of $1 million, meaning that the number of paper millionaires has declined by more than 75% throughout the last nine months.
The dramatic decline in the price of the flagship cryptocurrency has also impacted the number of whales — those who boast a Bitcoin wallet worth more than $10 million. While there were 10,587 addresses with a minimum cash value of $10 million in Nov. last year, just 4,342 hold the same status today, a decline of 58%.
Despite the decline in the net worth of former BTC millionaires, the bear market has seen more than 13,000 new “wholecoiners” — a wallet that contains one or more BTC — added to the market, bringing the total number of wholecoiners to just over 860,000. This significant spike in the number of whole coiners would suggest that retail investors are accumulating large amounts of BTC while prices tank.
Adding further credibility to the retail accumulation narrative, 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.
Related: 71% of high net worth individuals have invested in digital assets: Survey
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