Another that is notable is that the market downturn has vastly affected the number of Bitcoin-made millionaires. The number of BTC addresses that hold $1 million or more worth of coins has experienced a drastic drop.

Read Also: Analyst Nicholas Merten: Bitcoin (BTC) Is About To Surprise Everyone as One Historical Indicator Suggests

Bitcoin-Made Millionaires Have Drastically Decreased Since January 2022

According to the data provided by BitInfoCharts, as of the 28th of May 2022, the number of addresses holding more than $1 million worth of Bitcoin was 77,948.

The data also shows that 5,859 of the 77,948 Bitcoin millionaire addresses had a balance worth $10 million or more as of May 28th. This implies that the remaining 72,089 addresses are holding between $1 million and $9 million worth of BTC.

After Wayback Machine was employed, it showed that the number of Bitcoin addresses with over $1 million worth of BTC has dropped 21.34% since January 5th when 99,092 Bitcoin millionaire addresses were recorded.

Read Also: CryptoQuant CEO Says One Metric Is Flashing Over 50% Crash for Bitcoin (BTC) Bulls

Analysts Believe Bitcoin (BTC) Will Continue Rising

Despite the fact that a combination of factors, including regulatory scrutiny, turbulent markets, geopolitical unrest, interest hikes, and lots more, continue to have a negative impact on the asset class, analysts are resolute on the point that Bitcoin will not cease from rising.

In a statement, Marion Laboure, a senior analyst at Deutsche Bank Research, said:

“In the case of Bitcoin, we have a limited supply over 90% of Bitcoin are already in circulation and when you have a fixed supply with increasing demand the prices tended to rise as we have seen last year. Another factor that we can look at is regulation. So regulation is coming so we might have a broader crypto adoption looking ahead.”

At the time of filing this report, Bitcoin (BTC) is trading at $28,799.25, with a 0.31% price downtrend in the last 24 hours.

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A few days ago according to BitInfoCharts.com, the Bitcoin whale, who is not traced to any crypto exchange or company in the industry, bought another 87 BTC, which was worth relatively $3.5 million when the transaction was initiated.

Read Also: $1.2 Billion Worth of Bitcoin Moved Away From Coinbase in a Week, Institutional Demand on the Increase

The transaction mentioned above came after the anonymous whale initiated two huge transactions on 8th and 9th March, totaling 318 BTC and 412 BTC worth about $30 million at current prices.

According to the data from BitInfoCharts, the Bitcoin whale is the biggest non-exchange wallet in existence. The whale currently holds 126,428 BTC worth around $5.1 billion at the time of filing this report.

In general, according to crypto intelligence firm Santiment, most whales in the crypto ecosystem appear to be waiting patiently before taking massive investment decisions.

Santiment noted:

“Bitcoin, Ethereum, and Tether have seen plummeting whale transactions, the lowest amount of combined $100,000+ valued transactions in a year.

This isn’t necessarily bearish, but reflective of large players awaiting further war and inflation developments.”

Read Also: Apple Co-Founder: I Think Bitcoin (BTC) Is Going To $100,000

Dormant Bitcoin Address with BTC worth 486 BTC worth $50 in 2010 Moved

It was also reported by TimesTabloid a few days ago that a Bitcoin address that has been dormant for 11.4 years was activated.

As shared on Twitter by Whale Alert, the dormant address contained 486.091 BTC worth $50 in 2010. It’s worth noting that the BTC stash is now worth $20 million at current prices.

The dormant address 17QBWJCGV4QbQhLbhcS7d9yB2S7DPLf4N9 moved the stashed BTC to another address of unknown origin 1LdJ4nyxrJqNB1oyr76rYerb2KDZk9wAvo.

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