The Crypto Winter of 2022 Destroyed 80,000 Bitcoin Millionaires
The cryptocurrency crash has caused the number of bitcoin millionaires to drop by more than 75% since November last year. More than 80,000 bitcoin (BTC) investors have lost their millionaire status due to the downturn in the cryptocurrency market, but lower prices mean that the number of owners of whole coins (>1BTC) is growing.
According to BitInfoCharts, back on November 12, just a few days after bitcoin reached a new historical high of about $69,000, a total of 108,886 BTC addresses reported a balance exceeding $1 million.
Fast forward to the present day, when the price of Bitcoin is struggling to stay above $20,000. According to the Bitcoin network, a total of 26,284 addresses contain assets worth more than $1 million, which means that the number of paper millionaires has decreased by more than 75% over the past nine months.
The sharp drop in the price of the flagship cryptocurrency has also affected the number of whales - those who can boast a bitcoin wallet worth more than $10 million. While last November there were 10,587 addresses with a minimum cash value of $10 million, today only 4,342 have the same status, which is 58% less.
Despite the decline in the equity of former BTC millionaires, more than 13,000 new optimizers of "optimers" - wallets containing one or more BTC - added to the market appeared on the bear market, bringing the total number of optimers to just over 860,000. This significant surge in the number of so-called "coiners" (wholecoiner - owner of a whole coin or more) suggests that retail investors accumulate a large amount of BTC as the asset price falls.
According to Glassnode, more than 250,000 addresses have added 0.1 BTC, or $2,000 at the time of writing, or more, to their assets in the last 20 days, which further increases the credibility of the retail accumulation narrative.
Bitcoin and the rest of the digital asset market have been negatively affected by a number of different problems, including increased regulatory control, constant geopolitical unrest, rising inflation and rising interest rates.
Due to the growing uncertainty regarding the stability of global markets, commentators and analysts seem to agree that the price of risky assets such as bitcoin may continue to decline for a longer period of time.
According to CoinMarketCap, at the time of writing, bitcoin is changing hands for $19,000, which is 5% less in the last 24 hours and 40% in the last 30 days, and the total market capitalization is $ 382 billion.
https://coin-signal.com/cryptonews/the-crypto-winter-of-2022-destroyed-80000-bitcoin-millionaires/
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