More than 80,000 Bitcoin (BTC) investors have had their millionaire status revoked due to the crypto market downturn, but lower prices mean the number of full-coiners is growing.
Back on Nov. 12, just days after bitcoin hit a new all-time high of around $69,000, a total of 108,886 BTC addresses reported balances exceeding $1 million, according to data from BitInfoCharts.
To date, with Bitcoin’s price struggling to hold above $20,000, only 26,284 addresses are said to hold over $1 million worth of holdings, meaning the number of paper millionaires has declined by more than 75% over time is last nine months.
The flagship cryptocurrency’s dramatic fall in price has also impacted the number of whales — those who hold more than $10 million worth of bitcoin wallets. While there were 10,587 addresses with a minimum present value of $10 million as of November last year, today only 4,342 have the same status, down 58%.
Despite the decline in the net worth of former BTC millionaires, the bear market has launched more than 13,000 new “wholecoiners” — a wallet containing one or more BTC — bringing the total number of wholecoiners to just over 860,000. This significant increase in the number of wholecoins would indicate that retail investors are accumulating large amounts of BTC while prices are declining.
According to data from Glassnode, more than 250,000 addresses have increased their holdings by 0.1 BTC or $2,000 at the time of writing or more over the past 20 days, adding further credibility to the retail accumulation narrative.
Related: 71% of high net worth individuals have invested in digital assets: survey
Bitcoin and the rest of the digital asset market have been negatively impacted by a number of different issues, including increased regulatory scrutiny, ongoing geopolitical unrest, rising inflation and interest rate hikes.
With increasing uncertainty about the stability of global markets, commentators seem to agree that the price of risky assets like Bitcoin could continue to suffer for an extended period of time.
At the time of writing, Bitcoin is changing hands for $20,005, down 1.63% over the past 24 hours and down 37% over the past 30 days, with a total market cap of $382 billion, according to data by CoinMarketCap.
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