There are more than 80,000 investors in Bitcoin that have dropped their millionaire status as a result of the market crash, according to fresh insight.
Despite the downturn in market value, however, the number of investors who are buying more Bitcoin is increasing. According to information from BitInfoCharts, there were over 108,000 Bitcoin wallets that held a balance over $1 million in total in November when Bitcoin was sitting at its all-time high trading value of just above $69,000. Now, with the downturn in the market, there are fewer than 26,300 addresses that can claim millionaire statuses. This means that digital investors that are millionaires has dropped by over 75% – a whopping amount trajected by the massive slash in Bitcoin’s trading value.
A decline in Bitcoin whales in the market
Bitcoin’s drop from just under $70,000 to its current trading value of just under $20,000 has also impact how many whales are in the market. Defined by an address with more than $10, 000 million worth of cryptocurrency, the number of Bitcoin whales in the industry has declined by nearly 60% – from over 10,500 whale addresses to just over 4,300 since November.
As the market whales and millionaires decline, however, there has been a significant uptick in investors owning full coins – addresses with contain at least one Bitcoin in their wallets. Since November, there has been 13,000 new wallets containing full coins, meaning there are now over 860,000 wallets in the market.
According to information from on-chain analytics firm Glassnode, there has also been over 250,000 addresses that have added 10% of a Bitcoin coin (0.1 BTC) to their holdings over the past three weeks. This indicates that investors are adding small amounts to their portfolios and accumulating during the cryptocurrency winter, despite the downturn in the market. If the accumulation continues, it could reduce the damage of the downturned market, keeping the price at a support value before the market rallies again.
