The current massive crash in the crypto market has seen the number of Bitcoin (BTC) millionaires declined by over 75% since November 2021.
As first reported by Cointelegraph, more than 80,000 Bitcoin (BTC) investors faced demotion from their millionaire status due to the crypto market downturn. However, lower prices give room for an increase in the number of whole coiners.
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According to the data from BitInfoCharts, a few days after the price of BTC recorded a new all-time high of about $69,000, a total of 108,886 Bitcoin addresses reported a balance greater than $1 million. But now that the flagship crypto is struggling to hold above $20,000, a mere 26,284 addresses are reported to contain BTC valued at above $1 million.
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Despite the decline in the net worth of former BTC millionaires, the bear market has seen more than 13,000 new “whole coiners” — a wallet that contains one or more BTC — added to the market, bringing the total number of whole coiners to just over 860,000. This significant spike in the number of whole coiners would suggest that retail investors are taking advantage of the current price crash to accumulate more Bitcoin.
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 press, or more to their holdings over the past 20 days, according to data from Glassnode.
Bitcoin and the rest of the digital asset market have been negatively impacted by a number of different issues, including increased regulatory scrutiny, sustained geopolitical unrest, rising inflation, and interest rate hikes.
Due to the increasing uncertainty around the stability of global markets, commentators seem to agree that the price of risk assets like Bitcoin could continue to suffer over a longer time frame.
At the time of filing this report, Bitcoin (BTC) is trading at $19,300, with a relatively 1% price downtrend in the last 24 hours.
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