Due to the downturn in the crypto market, more than 80,000 Bitcoin (BTC), investors lost their millionaire status. However, lower prices mean that the number of whole-coiners is increasing.
According to BitInfoCharts data, the total balance of 108,886 BTC accounts reported a balance of more than $1 million on November 12, just days after Bitcoin reached a new record high of $69,000.
Now, the Bitcoin price is struggling to hold above $20,000, and only 26,284 addresses have holdings worth more than $1 million. This means that the number paper millionaires has fallen by more 75% in the past nine months.
The dramatic drop in price of the flagship cryptocurrency has also affected the number of whales, those with a Bitcoin wallet valued at more than $10 million. There were 10,587 addresses that had a minimum cash value below $10 million in November last year. Today, only 4,342 have the same status, a 58% decline.
The bear market has seen over 13,000 new “wholecoiners” (a wallet that contains one to more BTC) added to the market. This brings the total number to just above 860,000. The significant increase in whole coiners could indicate that retail investors are buying large amounts of BTC at a time when prices drop.
According to Glassnode data, over 250,000 addresses have added $2,000 (or 0.1 BTC) to their holdings in the last 20 days. This adds credibility to the retail accumulation story.
Related: 71% high-net-worth individuals have made investments in digital assets: Survey
The negative impact on Bitcoin and the digital asset market has been caused by many issues including increased regulatory scrutiny, geopolitical instability, increasing inflation, and interest rate rises.
Commentators agree that Bitcoin’s price could continue to fall due to uncertainty surrounding global market stability.
According to CoinMarketCap data, Bitcoin trades at $20,005 as of the writing of this article. This is a drop of 1.63% over the past 24 hours and 37% in the last 30 days. The total market capitalization for Bitcoin is $382 billion.
Eileen Wilson –Technology and Energy
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