Bitcoin “millionaire” wallets have decreased by 80% over the last year due to the bear market

According to the most recent statistics from on-chain analytics startup Glassnode, just 23,000 wallets have a BTC balance of at least $1 million.

As another evidence of how far the crypto market has dropped from Bitcoin’s previous all-time highs, Bitcoin billionaires have been feeling the pain.

Glassnode, which monitors different cohorts of BTC wallets, says that as of November 25, 23,245 had balances above $1 million.

In contrast, there were 112,898 “millionaire” wallets on November 8, 2021, when the total reached its pinnacle as BTC/USD neared its current all-time high of $69,000.

Such addresses have depreciated in tandem with the spot price as a result of owners’ modest sales during Bitcoin’s year-long bear market.

As reported by Cointelegraph, the scenario appears considerably different in terms of Bitcoin. Since the collapse of the FTX, several types of wallets have accumulated.

In addition, as stated this week by the co-founders of the trading suite Decentrader, exchange customers withdrawing cash to private storage and consolidating wallets likely account for the huge growth in wallets containing 1 BTC or more.

Glassnode still demonstrates that even the smallest groups of investors (those with at least 0.01 BTC in their wallets) have risen in number in recent months.

In general, however, addresses with a non-zero balance have been decreasing since November 18th, according to the statistics.

Also Read: Kraken’s Jesse Powell Declares He Will Point Out Crypto Issues 

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