The amount of cryptocurrency wallets of "millionaires" decreased by 80% over a one year period
Currently, there are only about 23 thousand addresses with BTC balances of at least $1 million
The amount of cryptocurrency wallets storing $1 million or more in bitcoins has decreased by almost 80% over the year, Cointelеgraph reports, citing analytical data from Glassnode. According to the platform, the number of such addresses decreased by about 90,000 during the fall in the bitcoin rate from its historical peak.
According to the report, there were about 23,200 crypto wallets with at least $1 million worth of bitcoins as of November 25, compared to nearly 112,900 crypto addresses on November 8, 2021, when the bitcoin exchange rate was nearing a peak of $69,000. The number of "millionaire wallets" fell along with the bitcoin price, while sales of the asset by owners were moderate.
In bitcoins the statistics looks different: after the collapse of FTX some wallets began to accumulate funds: the number of wallets with at least 1 bitcoin as of November 27 was a record in the history of the first cryptocurrency and amounted to 952 thousand.
The significant growth of wallets storing 1 BTC and more is probably explained by the fact that exchange users were withdrawing their funds into private vaults and consolidating wallets, the article says. According to analysts, the number of even the smallest investors - those who have at least 0.01 BTC in their wallets - has recently increased.
At the meantime, the total number of bitcoin addresses with a non-zero account balance began to shrink on November 18. The article notes that this was a relatively rare reversal of the trend: the last time this was seen was in April 2021.
The current drop in bitcoin has been called the strongest since 2018. The first cryptocurrency dropped 78% in 376 days. In addition, the current BTC drawdown was the second-longest since the decline in 2013-2014, which lasted 410 days.
