Bitcoin’s price has taken a hit since hitting an all-time high in 2021, and as a result, the number of Bitcoin billionaires has dropped dramatically since then. These addresses, which hold more than $1 million of his BTC, peaked in November 2021 and have been steadily declining since then.
Bitcoin millionaires suffer losses
Back in November 2021, when the Bitcoin bull market was in full bloom, the number of BTC millionaires exceeded 100,000 wallets. At the highest point, there were 108,886 wallets with over $1 million in BTC in his balance, Bit Info Chartsthis number fell below 25,000.
There are currently 24,533 millionaire wallets, and over 77% of Bitcoin investors with millionaire status have been wiped out in just over a year. Most of his losses occurred in the first half of 2022, and by June 2022, his BTC wallet with a balance over $1 million was just over 26,000.
Wallets holding at least $10 million worth of BTC were also hit during this time. At the time of this writing, there were only 3,852. However, small investors are on the rise. Glassnode reports that on Tuesday, January 10, the number of his BTC addresses above 0.1 and 1 BTC hit a record high.
This remarkable accumulation from these smaller addresses shows that investors are not being deterred by falling prices. Rather, they take advantage of low prices to increase their holdings.
BTC price holding steady above $17,000 | Source: BTCUSD on TradingView.com
BTC profitability is also declining
The decline in the number of Bitcoin millionaires also coincides with the decline in profitability of digital assets. Bitcoin began his 2022 with only about a quarter of investors suffering losses, but by January 2023, it had fallen significantly, and now he has 51% of BTC investors. is profitable.
During this time, the concentration of large holders has also decreased. Currently, only 10% of his wallets are classified as large holders, indicating a redistribution of his BTC from whales to small holders. It also points to increased decentralization as supply is better distributed among market participants.
As for Bitcoin’s price, it is trading well below all-time highs despite its recent rally above $17,000. down more than 74% from its all-time high.
As of this writing, BTC is trading at $17,320. It rose 3.7% last week, reaching $16.2 billion in 24-hour trading volume.