Over 80,000 Bitcoin ($BTC) millionaires holdings their coins on the cryptocurrency’s blockchain have lost their millionaire status over the ongoing cryptocurrency bear market that saw the total capitalization of the space drop below $1 trillion for the first time since early 2021.
According to data from BitInfoCharts, in November of last year when the price of BTC hit a new all-time high above $69,000, there were a total of 108,996 addresses on the Bitcoin blockchain that had a BTC balance worth over $1 million.
As the price of the flagship cryptocurrency plunged below the $20,000 mark amid an ongoing crypto bear market that according to analysts may be the worst one on record,76% of BTC millionaires have lost their status, with current data showing 25,432 addresses having a balance above $1 million.
With BTC trading at around $19,000 at the time of writing, these addresses need to have around 52.58 BTC to achieve millionaire status. Similarly, as first reported by Cointelegraph, the number of Bitcoin whales with over $10 million in their wallets also plunged, from 10,587 in November to 4,236 at the time of writing. These whale addresses, it’s worth noting, likely include those of cryptocurrency exchanges holding the funds of various users.
It’s worth noting this data comes from the Bitcoin blockchain, meaning it represents users holding their funds in wallets they control. How many Bitcoin millionaires there are in total – counting custody solutions and crypto exchanges – isn’t clear.
The cryptocurrency sell-off this year was exacerbated by embattled cryptocurrency firms who both have been laying off staff and freezing withdrawals from their platforms citing “extreme market conditions.” Crypto lender Celsius Network has reportedly been advised to file for bankruptcy, while rival lender babel Finance and crypto exchange CoinFLEX froze withdrawals.
Three Arrows Capital, a major crypto hedge fund, has recently entered liquidation after reportedly failing to meet its commitments, putting further downward pressure on the market.