11-28-2022 icon

Seven-figure Bitcoin wallets tank 80% due to bearish market

By Lucy Adegbe

One year after bitcoin recorded a historic increase in its market value, bitcoin millionaires receive a drastic balance hit.

Seven-figure bitcoin balances are becoming quite scarce as the estimated number of bitcoin millionaires plunged 80% in a space of 12 months.

As reflected on the statistics from blockchain-based review company Glassnode, only about 23,000 bitcoin wallets maintain a balance of up to a million dollars and above.

Bitcoin Wallets See 90,000 Fewer Millionaires In 12-Months

Giving a review concerning the downturn of the digital currency industry since the largest coin, bitcoin, last attained its historic high, bitcoin seven-figure investors have been reported to be adversely impacted.

Glassnode revealed, on November 25, that there are only about 23,245 wallets holding balances that exceed the one million dollar mark. 

Reports from November 8, 2021, when bitcoin hit its historic value rate of $69,000, showed that there were about 112,898 seven-figure wallets.

Seven-figure wallets for bitcoin have plunged by 77% in the recent month due to the one-year-long bear market, as highlighted by figures from TradingView and Cointelegraph Markets Pro.

Bitcoin Blockchain Address Rate On “Up Only” Pattern

Previous reports from Glassnode disclosed that bitcoin wallets holding the least 0.1 BTC has exceeded four million. Following the FTX crisis, a specific category of wallet owners has been reported to have dedicated time to pile up.

Meanwhile, Glassnode data further revealed that retail shareholders with as little as 0.01 BTC and the likes have seen a significant increase in recent times.