Data from BitInfoCharts revealed that a total of 108,886 Bitcoin (BTC) addresses owned over $1 million worth of bitcoin during its all-time high of $68,789.63 on November 10, 2021. However, following the bearish market trend in the crypto space over 80,000 BTC addresses have lost their millionaire status with bitcoin hovering around $19,000.
The report revealed that only 26,284 BTC addresses hold over $1 million worth of bitcoin, this implies that the downward trend in the crypto market has significantly reduced the number of bitcoin millionaires by more than 75 percent in the last nine months.
The crypto bearish trend also saw the number of whales with more than $10 million worth of bitcoin decline from 10,587 BTC Addresses to 4,342 BTC Addresses.
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 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 writing, Bitcoin is trading at $19,143.45 down 4.74 percent in the last 24 trading hours.
